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Debra BorchardtMarch 20, 2023


Instagram celebrity Dan Bilzerian and his cannabis-focused company Ignite International Brands are in hot water with the courts for not turning over documents in a contract dispute case. According to Law360, the company was told on February 28, 2023, that it had 10 days in order to produce 65 documents. Apparently, the company didn’t do so and now the courts are threatening once again that Ignite will face more severe sanctions like daily fines. The company was given another five days to produce the documents.

Law360 reported that on Thursday, “U.S. Magistrate Judge Elayna J. Youchah ordered Ignite International Brands Ltd. to turn over the 65 documents in question within five days of the court’s order and to pay the attorney fees and costs incurred by defendant Consulting By AR LLC in filing its motion to compel.”

For its part, Ignite says the documents are privileged. The company was asked back in August to turn over the documents, but the company objected. The judge, however, said the objection didn’t change the due date and the motion to stay the order had not been ruled upon.

Thursday’s order stated, ”

Ignite has refused to do an act the Court has twice ordered. While Ignite moved to stay the August 12, 2022 Order, as explained on February 28, 2023, no stay was granted and, thus, to this date, Ignite also failed to comply with that Order as well. Ignite has neither moved to stay the February 28, 2023 Order, nor has it objected to that Order. The Court
finds an order to coerce compliance is appropriate at this time.

Law360 did note that Kimberly P. Stein of Flangas Law Group, representing Ignite Spirits Inc., a subsidiary of Ignite International said on Friday that they believe the order is a mistake and the company has complied with the court’s prior order. It reported, “Ignite International filed an objection and appeal to the order on Friday, arguing that it had updated its privilege log as directed by the court, and that the court therefore does not have authority to find it in contempt and levy sanctions.”

Original Case

The trouble started when Ignite Spirits Inc. sued Consulting by AR in Clark County Court in August 2021 over an agreement with Resorts World Las Vegas. Ignite says that Consulting by AR had agreed to secure a contract with Resorts World which would purchase Ignite’s products. The products would be available at kiosks and at the bar. In addition to that, Resorts would host a launch party. However, Ignite claims that by July 1, 2021, no agreement had been reached and Ignite did not pay Consulting by AR. However, Consulting by AR claims the opposite happened. It says it had been the one to approach Ignite Spirits and managed to secure terms even more favorable than what Ignite Spirits had asked for.

SEC Case

The fight with Consulting by AR is only one problem facing Ignite, which seems to have trouble providing documents. Last year, the SEC announced it was investigating potential accounting fraud at the company. On May 20, 2022, the SEC staff issued and served a document subpoena against Ignite International. The company was asked multiple times to provide the requested documents, but like the above-mentioned case – failed to provide them. Ignite argued that the SEC’s investigative subpoena should be “stayed” because criminal authorities were conducting a separate investigation into the company.

The SEC complaint stated, ” Several categories of documents called for by the May 20, 2022 subpoena have never been produced, including, for the fiscal years 2020 and 2021: Respondent’s accounting records; any purchase orders, invoices, and other documentation related to sales of Respondent’s products; and Respondent’s communications with its auditor. ”

Ignite History

Ignite had been a publicly traded company using the symbols BILZ for the Canadian Securities Exchange and BILZF for the OTC Markets Group. The symbol took its lead from the company’s controversial leader Dan Bilzerian. However, the company went private in August 2022 as the company’s legal problems began. Bilzerian, a one-time professional poker player started Ignite as a company that sold CBD products and vapes. He has over 30 million followers on Instagram and he became famous for his Instagram photos featuring lots of guns and scantily clad models. He most recently posted a photo in December 2022 where he was in South America.

The company continues to sell its products and still features its muscled leader and bikini models on the website.

StaffMarch 1, 2023


The Daily Hit is a recap of the top financial news stories for March 1, 2023.

On the Site

Cowen Will No Longer Cover the Cannabis Sector

Cowen Group was one of the first major financial institutions to cover the cannabis industry on the equity research side, but on Wednesday, TD Bank Group (TSX: TD) (NYSE: TD) announced on Wednesday that it completed its acquisition of Cowen Inc. (Nasdaq: COWN) and subsequently dropped coverage. Read more here.

Riv Capital Third Quarter Revenue Flat, CEO Leaves

RIV Capital Inc.‘s (CSE: RIV) (OTC: CNPOF) CEO Mark Sims left the company, effective immediately. The company made the announcement alongside its financial results for the quarter ending Dec. 31, 2022. Revenue for Riv Capital’s fiscal third quarter (which is essentially sales from New York medical operator Etain) was $2 million, only a slight improvement over second-quarter revenue of $1.9 million. Read more here.

Other cannabis earnings reports:

SEC Orders Adam Nugent, FWM to Pay $3 Million over Cannabis Investment Scheme

The Securities and Exchange Commission announced on Tuesday that it had settled fraud charges against Utah-based registered investment adviser Foresight Wealth Management (FWM) and its principal, Adam E. Nugent, for violations related to a private fund they managed. Read more here.

Michigan’s Cannabis Sales Avoid Collapse Over Unpaid METRC Fees

Michigan’s marijuana industry narrowly avoided a near-complete stoppage this week due to a miscommunication with its private tracking system service provider. Florida-based METRC LLC recently instituted a new monthly service fee of $40 per month, which came as a surprise to those in the industry who say they never received an invoice. Read more here.

In Other News

Steep Hill Inc.

Steep Hill Inc. (CSE: STPH) entered into a settlement and release agreement with its wholly owned subsidiary Steep Hill Inc. and several Green Analytics parties to terminate license agreements between the parties as of Feb. 28. As a result, Steep Hill has no continuing licensed operations in the states of Massachusetts, New Jersey, and Pennsylvania and will continue not engaging in any such actives in Maryland. Read more here.

Greenway Greenhouse Cannabis Corp.

Greenway Greenhouse Cannabis Corporation (CSE: GWAY) (OTC: GWAYF), a cultivator of greenhouse cannabis for the Canadian market, generated revenue of $1 million for the third quarter of fiscal year 2023, an increase of 103% compared to the same quarter in fiscal 2022. Read more here.

StaffFebruary 16, 2023


The Daily Hit is a recap of the top financial news stories for February 16, 2023.

On the Site

Florida Medical Marijuana Patient Count Increases 71% in Two Years

According to state data, the number of registered medical marijuana patients in Florida increased by 71% in just the last two years, skyrocketing to 779,465 at the end of 2022. That’s up from 455,425 registered MMJ patients in 2020. Read more here.

New York Senator Introduces Bill to Replace THC Potency Tax

The New York Legislature will have a new issue to consider when lawmakers return from their current break on Feb. 27: changing the current cannabis tax structure from one based on THC potency and flower weight to a flat 20% tax. Read more here.

SEC: Fraudsters Should Pay $6.2 Million For Pump & Dump Scheme

The U.S. Securities and Exchange Commission hopes to collect $6.2 million from two men accused of partaking in “a sophisticated, multiyear, multinational” penny stock pump-and-dump scheme. Read more here.

New York City Fines Illegal Cannabis Shop $50k, Arrests Employee

A illicit cannabis store across the street from New York’s City Hall was fined $50,000 and had one of its workers arrested by local law enforcement this week for selling cannabis to a minor. The sheriff said his office would be checking on the location in the future, ostensibly to ensure the shop doesn’t reopen. Read more here.

Missouri Tightens Cannabis Gifting, Sampling Rules as Sales Rise

Missouri regulators have finally clarified the rules surrounding cannabis sampling and product giveaways. Only dispensary licensees and their employees have ” the authority to sell or distribute (give away) marijuana product to qualifying patients, primary caregivers, and consumers.” In addition, sampling or giveaways can only take place on the store sales floor. Read more here.

In Other News

Auxly Cannabis Group

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) closed its previously announced private placement for 96 million common shares of the company at a price of $0.035 per common share and 96 million common share purchase warrants, resulting in total gross proceeds of approximately $3.36 million, before deducting any applicable advisor or finder fees or offering expenses. The net proceeds will be used for working capital and general corporate purposes. Read more here.

Trulieve Cannabis Corp.

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) became the first multistate operator in the cannabis industry to launch advertising campaigns on Twitter. This follows a policy change made by the global social media platform today that now allows cannabis companies to advertise. Read more here.

SAVO Cannabis

SAVO Cannabis announced the development of a genetics focused cannabis cultivation facility funded by Atlanta-based Brightsmith Capital Partners. The facility will focus on developing genetics and cultivation methods to grow flower with specifically designed terpene and cannabinoid profiles with a goal to provide top shelf product with targeted effects on the mind and body for life enhancing purposes. Read more here.

Video StaffOctober 28, 2022


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This week Canopy Growth (NASDAQ: CGC) surprised the markets with news that it was creating a Canopy Holding company for its U.S. properties. The Canadian company has options to acquire some American cannabis companies like Acreage Holdings and Wana Brands, but those deals weren’t supposed to happen until cannabis was federally legalized. Now it seems Canopy has decided not to wait until that happens. The question though is whether the Nasdaq will allow the company to continue to trade on its exchange. The exchange has been firmly against trading plant-touching cannabis companies and so far it looks as if they aren’t on board with Canopy’s plans. 

The SEC has been busy this week with bad actors in the cannabis industry.  Cronos Group settled with the SEC for some accounting errors. The company agreed to pay over $1.3 million and the company’s accountant was also fined and barred from serving in that capacity for the next 3 years. NewAge Beverage also found itself in hot water with the SEC for continually making false statements about the company The CEO was ousted and the stock was delisted from the Nasdaq. The SEC also targeted CannAwake for not filing its financial statements.

Turning Point Brands, Inc.  (NYSE: TPB) announced its third-quarter sales fell by 1.9% to $107.8 million. However, it beat analyst estimates. The company is seeing good growth in ZigZag sales products, but vape products keep sliding.  

Verano is being sued by Goodness Growth over the company’s decision to walk away from the planned acquisition. In addition to that, Verano has refinanced its debt and pushed out its maturity dates. The company is also going to lean harder on debt secured by its real estate holdings. 

And finally, the state of Florida threw cold water on the plan to combine medical dispensaries with Circle K convenience stores. GTI has recently announced that it had arranged to work with the store chain that is owned by Alimentation Coutard, which already owns 20% of Fire & Flower. GTI said the dispensaries are next door to Circle K, not inside, but regulators don’t seem amused with the thought of gas station grass.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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