Dan Bilzerian is one of those figures that always shows up in the news. His publicity is rarely positive, as he has proven to be incredibly problematic. However, he makes his name known through his work as an influencer, businessman, and professional poker player.
While he is generally a confusing person, his incredible wealth is also a point of debate for many. He insists that he generates his wealth through his success as a poker player. However, many believe he is just a recipient of his father’s inheritance. With this wealth, Bilzerian is involved in many different business ventures, one of which is a cannabis company called Ignite.
Image via @danbilzerian on Instagram
Ignite is a Company with a Rocky Past and an Uncertain Future
Bilzerian’s Ignite is based in Toronto, Canada and focuses on CBD, vape pens, apparel, and vodka.
According to Forbes, Bilzerian’s company has been struggling in its current market. While venturing into the legal cannabis market last year, Ignite reported $50 million in losses. Even after receiving $1 million dollars in federal business grants, the company still seems to be in a rocky state. In addition to this, Bilzerian and Ignite recently announced that they are exiting the cannabis industry.
This move is not very surprising considering the financial state of the company. While Ignite struggled throughout last year, the rest of the cannabis industry experienced a boom in business. However, Bilzerian is taking the opportunity to reposition his company. Instead of focusing on cannabis, he wants to return to the basics. In other words, Ignite will now focus on the tobacco industry in hopes of being bought by a larger tobacco company.
Image via @danbilzerian on Instagram
Bilzerian Looks to Exit the Cannabis Industry, Citing Many Difficulties
In an interview, Dan Bilzerian said, “initially, I wanted to do a dispensary. I wanted to have hot girls work at the dispensary. I wanted it to be a place, like a destination. And we shifted from that because it was so difficult to get a deal with a dispensary. I’m so (expletive) happy to be out of cannabis to be honest with you. I mean, it’s like, the way they let these black market people do it and operate with impunity while people are trying to do this legitimately. It’s just crazy. It’s impossible to compete with that.”
Clearly Bilzerian is operating on his principles alone, which might lead to some more negative publicity among those that follow him. Only time will tell if Bilzerian’s fragile empire will continue to crumble.
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