Dan Bilzerian's Cannabis Brand Ignite Under SEC Investigation

Dan Bilzerian's cannabis lifestyle company Ignite is under investigation for accounting fraud. The Ontario Securities Commission (OSC) undertook an inquiry that piqued the interest of the US authorities who now have the “King of Instagram” squarely in their sights.

Ignite has already been forced to produce documents three times this year. The Securities and Exchange Commission (SEC) filed an order to compel Dan Bilzerian's Ignite International Brands to respond to its subpoena. Ignite was trading at a market capitalization of more than $750 million on the Canadian Securities Exchange but its value has dropped below $170 million before returning to private ownership.

SEC staff attorney Patricia Pei said there were “possible violations of the antifraud provisions of the federal securities laws” and that an investigation “indicates Ignite may have filed public financial statements that include false or misleading representations” two years ago.