IGNITE Opts To Pull Out Of Cannabis In Canada
CEO Dan Bilzerian has stated he believes barrier to entry are a problem
IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) (“ IGNITE ” or the “ Company ”), a global consumer packaged goods company, today announced that it is discontinuing its cannabis business in Canada.
Dan Bilzerian, CEO at IGNITE, stated, “As we expand our portfolio of products around the world, our sales are booming except for cannabis in Canada. We applaud the Canadian government for leading the way in legalizing cannabis, but unfortunately, there remain too many barriers to build a successful cannabis business. Currently, very few Licensed Producers in the cannabis industry are making money and the government’s excessive restrictions of the marketing, sales and distribution of products has diminished the business opportunity while simultaneously making the consumer experience less than optimal. Whenever the government decides to remove and/or reduce the restrictions in marketing, sales and distribution and allow the business community to properly serve the consumers, IGNITE will consider returning to the market. By discontinuing our cannabis operations in Canada, IGNITE will be in a much better position to introduce and promote its vodka, tequila, seltzers, energy drinks, vapes, and apparel products to the Canadian market. Due to our involvement in cannabis, IGNITE was forced to block Canadians from accessing the ignite.co website. Now we can launch our ignite.co website and reach out to our Canadian customer base, allowing them to enjoy our unique portfolio of quality products.”
John Schaefer, IGNITE’s President & Chief Operating Officer, stated, “IGNITE’s third quarter sales were the highest in the history of the company. Although the fourth quarter has only just begun, I am highly confident fourth quarter sales will significantly exceed third quarter’s sales and be another record-breaking quarter. The sales of Dan’s book already qualify it for a spot on a bestseller list. Our single greatest challenge is having enough copies printed to satisfy demand.”
About IGNITE
IGNITE is a global lifestyle brand that combines premium quality products with innovation and an uncompromised standard of excellence. Inspired by CEO and founder, Dan Bilzerian, IGNITE is the gold standard in a range of broadly appealing consumer products categories including CBD products, nicotine and synthetic nicotine vape products, premium performance drinks named ZRO, apparel, and spirits featuring tequila, premium vodka and seltzers.
Shares of IGNITE are listed on the Canadian Securities Exchange (CSE) under the symbol “BILZ” and quoted in the United States on the OTCQX under the symbol “BILZF”.
Further information on IGNITE can be found on the Company’s website at www.ignite.co .
CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION
This news release includes certain “forward‐looking statements” under applicable Canadian securities legislation. Forward‐looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the effects and impacts of the coronavirus disease (COVID‐19) pandemic, the extent and duration of which are uncertain at this time on IGNITE’s business and general economic and business conditions and markets; the ability of IGNITE to give effect to its business plan. There can be no assurance that any of the forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. The Company disclaims any intention or obligation to update or revise any forward‐looking statements, whether because of new information, future events or otherwise, except as required by law.
