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by Mike Caswell
The U.S. Securities and Exchange Commission has begun an investigation into Canadian Securities Exchange listing Ignite International Brands Ltd., the cannabis company run by poker player and social media guru Dan Bilzerian. The SEC is looking to determine if the company's financial results for 2020 contained false or misleading statements. Specifically, the regulator's concerns centre around the company's revenue for that year.
Word of the investigation is contained in an application that the SEC filed in federal court in California on Monday, Aug. 29. The SEC is seeking a court order that would direct Ignite to turn over accounting records. Among the records that the SEC is seeking are the company's purchase orders, invoices and other documentation that would support its sales figures.
The focus of the SEC's investigation is Ignite's revenue from 2020, which the company reported to be $16.9-million, up from $9.6-million the prior year. The SEC has not said exactly what the issue may be with Ignite's revenue, only saying that there are indications the figure may include false or misleading representations. (The company's 2021 revenue, which the company reported to be $78.7-million, is not included in the request.)
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