Dan Bilzerian's IGNITE International Brands, Ltd (CSE: BILZ) (OTCQX: BILZF) announced Wednesday it's discontinuing its cannabis business in Canada.
Co-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.
"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.
Bilzerian said there are "too many barriers to build a successful cannabis business" in Canada where adult-use cannabis has been legal since mid-2018.
"Currently, very few Licensed Producers in the cannabis industry are making …