That deal was terminated several months later. became the exclusive distributor of Ignite products in the Canadian cannabis market. In June 2020, CannMart Inc., a wholly-owned subsidiary of Lifeist Wellness Inc.(OTC:NXTTF), formerly known as Namaste Technologies Inc.
"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." "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," Bilzerian continued. "As we expand our portfolio of products around the world, our sales are booming except for cannabis in Canada," Bilzerian said, revealing the reason for pulling out of Canada's weed market.īilzerian said there are "too many barriers to build a successful cannabis business" in Canada where adult-use cannabis has been legal since mid-2018.
Dan Bilzerian's IGNITE International Brands, Ltd (CSE:BILZ) (OTCQX:BILZF) announced Wednesday it's discontinuing its cannabis business in Canada.Ĭo-founded by the so-called "King of Instagram," Ignite produces CBD oil tinctures, topicals, pet products, vape devices, in addition to spirits featuring premium vodka and tequila and apparel, to name a few.
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