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Dan Bilzerian’s Cannabis Company Lands In Trouble With Authorities?

The King of Instagram Dan Bilzerian never misses on making headlines, does he? Of course not. This time too, the social media influencer has grabbed the limelight! But wait, it’s nothing related to poker! It is about Bilzerian’s cannabis company called Ignite International Brands Ltd. As per a news report published by Poker News, Bilzerian’s firm is in hot waters with the Ontario Securities Commission (OSC), the United States Department of Justice (DOJ) and Securities and Exchange Commission (SEC).

The news reports further state that post OSC’s inquiry into Bilzerian’s company, the DOJ and SEC have launched their independent investigation into the Cannabis brand for accounting fraud. As per media reports, the SEC in May 2022 had filed subpoenas in California requesting financial records with respect to the alleged accounting fraud.

Check out Dan Bilzerian’s Instagram post

 

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by Dan Bilzerian (@danbilzerian)

As per news reports, in the month of July, Ignite International announced its intention to become a private entity from a publicly traded company. As per Business Wire, this move to turn private was approved in a shareholder meeting held in August. This approval reportedly came on the same day the SEC sought a court order forcing. As per a press release, shareholders of the firm in the meeting approved the following (i) the fixing of the number of directors of the company at five (5); (ii) the election of the five nominated directors, being Dan Bilzerian, Lester Lee, Greg Gilpin-Payne, Ralph Gilpin-Payne and Tom Bunker.

ALSO READ: Hailey Grice Is Dan Bilzerian’s Wife?

As per a news report by The Globe and Mail, Bilzerian’s firm, which reportedly traded under the name ‘BILZ-CN’ peaked in the year 2019 and its market capitalization stood at over $750 million. But, the market capitalization dropped to nearly $170 million when the company closed its trading activities in North America.

Dan Bilzerian’s post on Instagram about Ignite

 

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by Dan Bilzerian (@danbilzerian)

The Poker News report further adds that in a court filing, a SEC staff attorney named Patricia Pei allegedly stated ‘possible violations of the antifraud provisions of the federal securities laws’ and that information uncovered ‘indicates [Ignite International] may have filed public financial statements which included false or misleading representations’ in the year 2020. 

Check out Dan Bilzerian’s video

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