MTech Acquisition Corp. And MJ Freeway Announce Merger Agreement

NEW YORK: MTech Acquisition Corp., the first US-listed Special Purpose Acquisition Company focused on acquiring a business ancillary to the cannabis industry, and MJ Freeway, a leading seed-to-sale technology provider and developer of the cannabis industry’s first enterprise resource planning platform, announced today they have entered into a definitive merger agreement. Following the consummation of the transaction, MTech and MJ Freeway will become subsidiaries of a newly-formed holding company to be listed on The Nasdaq Stock Market. Following the closing of the transaction, if there are no redemptions by MTech shareholders in connection with the MTech shareholder vote to approve the transaction, it is currently anticipated that the combined entity will be debt free and have over $60 million of balance sheet cash to take advantage of strategic growth opportunities.

MJ Freeway is a seed-to-sale technology provider, with more than 30% of the global cannabis technology market based on management’s estimates. MJ Freeway has tracked more than $10 billion in sales for its clients in Australia, Europe, South America, New Zealand, Africa, Canada, and the United States in 29 states and the District of Columbia. MJ Freeway’s software, MJ Platform®, includes compliance tracking of cannabis from seed-to-sale, as well as enterprise scale business management tools across the entire supply chain. In addition, its Leaf Data Systems® software solution enables governments to track cannabis plants from seed-to-sale to help ensure patient, public and product safety.

“We built MJ Freeway to be the technology infrastructure for the cannabis industry,” said Jessica Billingsley, Co-Founder & CEO of MJ Freeway. “With access to public capital markets and additional balance sheet strength as a result of this transaction, MJ Freeway will accelerate its growth and broaden its product offering as we strive to meet the ever-expanding demands of a highly complex and heavily regulated industry.”

Current MJ Freeway investor and Senior Strategic Advisor to the Board, Roger McNamee, added, “Cannabis companies that want to be leaders are adopting MJ Platform because I believe it is the only product with the technical foundation to support multi-line and multi-location operations. MJ Freeway prepares customers to manage high growth and complexity as the industry transitions from local to global scale. MJ Freeway’s merger with MTech will enable a smart growth strategy to capitalize on the industry’s continuing growth.”

Scott Sozio, Chief Executive Officer of MTech, commented, “We believe technology solutions that empower operators to efficiently and compliantly run their business, with tools that track the full vertical from cultivation to consumer, are critical to the industry’s long-term success. We believe MJ Freeway provides the most robust seed-to-sale software technology available today, positioning the company for enormous growth as the legalization of cannabis expands throughout the country and the world. We are excited for MTech to be able to invest in MJ Freeway at what we believe to be a very attractive valuation.”

“This merger will prove valuable over the long-term. Not only will it allow us to grow our current lines of business, it will accelerate our dominant market share in the cannabis SaaS space and also allow the company to make strategic acquisitions and expand its reach into related industries,” noted Emery Huang, Senior Partner of Batu Capital, a MJ Freeway investor, and a current board member of MJ Freeway.

Y502K – MJ Freeway Migration In Washington Delayed

By David Busby

WASHINGTON: It was announced yesterday that MJ Freeway, with about 10 days until go-live is not ready. The LCB has offered what they refer to as a “generous” offer to BioTrackTHC who has declined to extend their services.

So, now we have a scenario where the current system becomes reduced in functionality starting on the 25th of Croptober, and is offline from October 29th, until the morning of Oct 31st. A disaster, we could all see coming months ago despite MJ Freeway claiming that all would be well.

To prepare for this disaster farms should do the following things:

The MJ Freeway system is just not ready, currently, it cannot take new plants, it cannot convert, it cannot transfer and it can barely record a retail sale.  With only 10 days to go there is simply not enough time for MJF to complete the task.  Once this goes live on Oct 31st be prepared for another three months of broken sh*t.

MJ Freeway Releases Software for Marijuana Infusers

COLORADO: MJ Freeway today announced the debut of a new software solution designed exclusively for marijuana processors and infused marijuana product manufacturers.

MixTracker is the only software currently available that enables infusers to precisely control, monitor and log the ingredients they use to manufacture marijuana-infused products, such as edibles and extracts. Infused products typically include marijuana from multiple batches or lots, each with potentially different yields, so the manufacturing and tracking processes are often complicated and error-prone.

MixTracker simplifies and automates the entire manufacturing process, giving infusers a much needed, integrated solution that precisely tracks and controls recipe inventories, while providing robust batch tracking, cost analysis, compliance reporting and end-user labeling data. [Read more…]