Bilzerian’s cannabis company, IGNITE, reported a profitable quarter in 2020, according to a regulatory filing last month.
A quick recap of Bilzerian’s bad year: He finished his autobiography, but then had to move out a $75 million mansion after falling behind in rent, much to the delight of his neighbors.
Curtis Heffernan, the former president of Bilzerian’s Ignite International Ltd, alleged some serious misuse of funds at the company in a lawsuit filed last July.
No lavish parties hosted by Dan Bilzerian during the pandemic, which means cutting the promotional budget by nearly 75 percent, according to Forbes.
An even more material change for the company was debt management for shares in the company, putting Ignite in a better financial position.
Ignite managed only a $6.4 million gross profit on those sales figures, and the company continues to drown in administrative costs.
“With the publishing of these results, we close off a difficult transition year in which the company emerged far better positioned to achieve significant profitability and growth in 2021,” said Dan Bilzerian, CEO at IGNITE, adding, “The new management team had to overcome the difficulties of operating during a pandemic and a crippled worldwide supply chain.
Is 2021 the year the financially-troubled cannabis company finally turns it around? The company has pivoted to more products in different categories, including IGNITE vodka and IGNITE ZERO performance beverages.