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Ignite International Brands Ltd (OTC:BILZF) traded as high as $4 on Tuesday before ending the day at $1.66 on higher-than-usual trading volume.
Ignite was co-founded by the so-called "King of Instagram," Dan Bilzerian. Ignite sells CBD oil and vape products as part of a high-end global cannabis brand. The stock officially began trading on Sept. 3 after being upgraded from the Pink market.
In reaction to a strong open Tuesday morning, Ignite said in a press release that it is "not aware" of any development, news or undisclosed material change in its business that would warrant volatility in its stock.
Ignite's stock saw similar momentum on Monday after the stock was promoted to the OTC Markets' highest-tier exchange, the OTCQX.
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Ignite's stock traded more than 6 million shares Tuesday, which represents a 10-fold increase.
Some media outlets attributed the surge to Bilzerian discussing the stock across several social media posts.
It would be reasonable for investors to assume Bilzerian's massive following — including inexperienced investors — were buying the stock merely to own a piece of Bilzerian's business.
Ignite's stock will be closely watched by investors and day traders, and it is not clear if volatility will continue over the coming days and weeks or if the stock will normalize.
The stock was trading higher by 9.04% at $1.84 at the time of publication Wednesday.
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Courtesy photo.
Posted In: BILZF
