We were just wondering what happened to poker-player-Insta-celebrity Dan Bilzerian and his blowhard cannabis brand, Ignite. Earlier this week, the Globe and Mail reported that the Security and Exchange Commission (SEC) is investigating Ignite International Brands. The story also revealed that the cannabis company is also under regulatory investigation in Canada.
Ignite used to be exchanged on the Canadian Securities Exchange, but went private on this past Monday. At the company’s height, it had a market capitalization of more than $750 million but was worth about $170 million when it stopped trading in both Canada and the U.S., the report says.
The company halted operations in Canada in October 2021, citing the “government’s excessive restrictions,” according to the report.
Ignite has been avoiding a subpoena it received in May from the SEC. The SEC filed a request with a California court on Monday to compel Ignite to comply.
The SEC is seeking information regarding “possible violations of the antifraud provisions of the federal securities laws” by Ignite. The report goes on to say that the SEC staff uncovered information “that indicates [Ignite] may have filed public financial statements that include false or misleading representations” about its revenue in 2020.
Ignite was first subpoenaed by U.S. authorities in May, but the company sought a stay of that action, which was denied by the SEC. The agency said it gave the company “multiple accommodations” but Ignite “failed to produce the full set of requested documents.”
The company hasn't been doing well for a while. In 2019, Chris Roberts reported for Forbes that Ignite International Brands, Ltd. finished 2019 with $50 million in losses. Looks like having a trust fund can't solve all your problems. Sorry, bro.
It’s unclear how all of this will go, but one thing is certain: There are fewer butts, boobs, and naked women in cannabis advertising now that Ignite has kaput. Thank fucking god.