According to a lawsuit filed by Ignite’s recently ousted former President Curtis Heffernan, Bilzerian used company funds to pay for his lavish lifestyle. Reports also emerged that Dan Bilzerian, the Founder of Ignite, also used it to fund his lavish lifestyle. Related News Democrats’ resolution on cannabis reform help marijuana stocks soar Cannabis stocks rise after Georgia Senate runoffs Aphria and Tilray announce a deal to create the biggest cannabis company This need may be adversely impacted by uncertain capital market conditions, including those created by the COVID-19 pandemic, an inability to secure strategic partnerships in key markets, and an unfavorable perception of the IGNITE brand, the company’s Board of Directors wrote. The Company will need to raise capital in order to fund its operations and continue its existing and prospective expansion into strategic markets. Much of it covered marketing and promotion, compensation for staff and executives, and leases on offices. This money was spent on operational costs alone. In 2019, Ignite posted CA$43 million in losses. It hosted lavish parties with teams of expensive models, threw events, and did virtually everything that ready cash could do. With total disregard for this reality, the company went on a spending spree, even as its stock plummeted. Technically, this means much of the money owned by Ignite belonged to other people. Its annual filing reveals that it recorded CA$25 million from “proceeds of the issuance of shares” and another CA$19.9 million from “convertible debt.” It also generated CA$23.7 million from a “short-term promissory note.” The 39-year-old entrepreneur recently lost a book deal with Simon & Schuster because he was too busy partying to deliver a manuscript, Page Six reported last month.A post shared by Ignite International to the report, Ignite got money by issuing and selling shares of its stock. The company, which began trading publicly in Canada in January 2019 and trades under the BILZF ticker, has seen its stock value plummet more than 70 percent in the ensuing year and a half, to 70 cents.īilzerian is no stranger to losing money. Ignite products Getty Images for Ignite Internat Forbes’ cannabis reporter, however, wrote that he has never encountered a product from Ignite in the wild. Ignite sells a wide range of products, from water bottles and vodka to THC vape pens and CBD oils. Indeed, Ignite appears to have footed the bill for Bilzerian’s gun-toting, private jet-flying playboy lifestyle, paying him a salary as well as the travel expenses of other companies he owns.īilzerian’s Instagram feed is littered with photos of him on yachts, private jets, playing chess while surrounded by stacks of cash and even posing with a massive gun with the Ignite logo carved into its side. That cash went toward throwing lavish Ignite-branded parties with free-flowing booze and scantily clad women. The Canada-based company’s $22 million marketing budget was more than double its annual sales revenue. Ignite lost $43 million on expenses related to marketing and promotion as well as office leases alone, according to its annual filing first reported on by Forbes. The latest venture from the hard-partying, self-proclaimed “King of Instagram” - Ignite International, which sells a smorgasbord of weed-related products - burned through $50 million last year. Porn star-tossing Instagram playboy finds 'the one'ĭan Bilzerian’s new pot company may soon go up in smoke. ‘King of Instagram’ Dan Bilzerian will pay you $5K to name his memoirĬop cursed out 'King of Instagram' during Vegas massacre Dan Bilzerian's abandoned 28,000-square-foot childhood home lists for $6M