Dan Bilzerian, the Instagram playboy and the CEO of Ignite International Brands Ltd (OTCMKTS: BILTZSF) seems to have chosen to stay silent about the controversies or problems surrounding the Canadian cannabis company. His silence is entirely uncharacteristic since he renowned for his braggadocio who constantly engages with his fanbase on social media platforms.
This has led many people to ask, ‘why so quiet all of a sudden?’ It is a known fact that Bilzerian’s company posted $50 million in losses for 2019. By looking closely at last year’s filings, it is clear where all of the company’s supposed profits went.
For one, Ignite spent $43 million just on operational costs including advertising costs, office leases, and marketing campaigns. Apparently, for every dollar in sales, approximately $9.6 million, the company spends another two dollars or $18.4 million on administrative costs.
To make matters worse, former Ignite President Doug Heffernan filed a lawsuit against Bilzerian earlier this year. Heffernan claimed that Ignite ousted him after raising concerns about Bilzerian’s extravagant spending habits which includes private jets, yachts, and luxurious dinners with beautiful women.