Jessica Billingsley Archives - Green Market Report

StaffStaffJuly 12, 2019
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Jessica Billingsley is a technology pioneer, solutions creator and industry leader, providing proven compliance software solutions to the cannabis market. She is the Chief Executive Officer of Akerna—the first cannabis compliance technology company to be traded on Nasdaq—making her the first CEO from this market space to bring a company to a major U.S. exchange. Jessica is also the CEO of Akerna’s flagship subsidiary—MJ Freeway. She established MJ Freeway in 2010 and it is the leading seed-to-sale regulatory compliance technology provider and developer of the cannabis industry’s first enterprise resource planning (ERP) platform. Akerna also offers Leaf Data Systems as a government resource for public sector compliance. Combined entities tracked more than $15 billion in world-wide, client cannabis sales to date. She is the first woman ever from the cannabis industry to receive the prestigious Fortune’s “Most Promising Women Entrepreneur Award” and is also recognized as one of Inc.’s “Female Founders 100.” Jessica received a degree in Communications and Computer Science from the University of Georgia and lives with her daughter in Denver.

GMR Executive Spotlight Q&A – 

Full birth name: Jessica Billingsley 

Title: Chief Executive Officer, Akerna and Chief Executive Officer, MJ Freeway

Company: Akerna and MJ Freeway

Years at current company:  Akerna launched in June 2019. Nine and a half years at MJ Freeway.

Education profile:  At 16 years old, I received a full academic scholarship to attend the University of Georgia, where I received a degree in Communications and Computer Science.

Most successful professional accomplishment before cannabis:  Prior to forming MJ Freeway, I built and managed technology operations with an emphasis on executive management, corporate culture, finance, and strategic relations. I launched my first company at 22, and I’ve been a successful founder, owner, COO and CEO of several companies.

Company Mission: Our technology empowers a compliant cannabis industry to prove outcomes that positively change lives every day.

Company’s most successful achievement: Nine years ago, my co-founder and I invented seed-to-sale tracking upon identifying the need for organic material tracking and compliance SaaS solutions in the growing cannabis industry. We were supporting one of the first cannabis dispensaries and grows in Colorado, and saw that cannabis needed technology built for it not adapted from other industries. And we believed visibility across the entire supply chain from seed-to-sale would be a requirement for the industry’s sustained growth. MJ Freeway was born with the launch of our patent-pending cannabis seed-to-sale technology. Today, seed-to-sale tracking is a requirement of most state’s that regulate legal cannabis. And to date MJ Freeway has tracked more than $13B in legal cannabis sales.

In 2017, in response to what I saw as the maturing of the cannabis market to multi-state enterprise businesses, MJ Freeway launched the cannabis industry’s first ERP. We also led the international expansion in the cannabis technology sector very early on in 2012 in Canada then into Spain. Today, our total international footprint spans 13 countries. Innovation and seeing what opportunities are next on the horizon – and then being ready for them first – is a hallmark of MJ Freeway and now Akerna. 

Most recently, I’m proud of an accomplishment that is a testament to the entire MJ Freeway team. Via a merger between MJ Freeway and MTech, a shell company formed for the purpose of acquiring a cannabis technology company, Akerna is the first software company that serves cannabis businesses to be traded on a major U.S. exchange. Akerna is traded on the Nasdaq under the ticker symbol: KERN. It’s an unprecedented milestone signifying a shift in beliefs and generating ripples of opportunity.  

Finally, I’m proud to have broken a couple of glass ceilings by serving as CEO of a technology company and holding a CEO position in a publicly traded company. Unfortunately, both are very rare occurrences. MJ Freeway launched last year the One Woman Challenge campaign to empower women in their careers. I want to reverse the growing decline of women in tech. It’s appalling to learn there’s a smaller percentage of women working in tech today than 25 years ago. Please learn more about the #OneWomanChallenge on our website and social pages and get involved. 

Has the company raised any capital (yes or no): Yes

If so, how much?: $25M in private financing prior to this most recent public transaction.

Any plans on raising capital in the future? Yes. Akerna’s strategy is to consolidate cannabis technology companies to connect data points in the global cannabis supply chain. Raising capital is a piece of our strategy to fully execute on Akerna’s strategy and is a reason for our listing on Nasdaq to be able to access more cost effective capital.

Most important company 5-year goal: To build the world’s most transparent and accountable consumer packaged goods supply chain. There’s an explosion of growth in consumers’ desire for transparency in products, which starts with transparency in the supply chain. With MJ Platform’s technology, I can tell you what farm the cannabis in your gummy was harvested from, what date it was harvested, and what nutrients were added prior to harvest. We can then follow the progression of the exact cannabis in that gummy until the moment it was sold to you. Seed-to-sale technology gives an unprecedented level of transparency across the supply chain. We intend to build on MJ Platform and grow Akerna through acquisitions to connect more data points across the cannabis supply chain and empower businesses, governments, and the public with the information they need to make better decisions. We are excited about the explosive growth of this industry and how compliance technology will underpin it. 


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Today MTech Acquisition Corp. and MJ Freeway LLC announced the completion of their merger to form the Akerna Corp. MTech Acquisition Corp. (NASDAQ: MTEC), the first US-listed Special Purpose Acquisition Company (SPAC) focused on acquiring a business ancillary to the cannabis industry, and MJ Freeway, a leading seed-to-sale regulatory compliance technology provider and developer of the cannabis industry’s first enterprise resource planning (ERP) platform, has now become the first compliance technology company in the cannabis space to be traded on Nasdaq. Jessica Billingsley also becomes the first female CEO from the cannabis industry to lead a company that will trade on the exchange.

“As legalization of cannabis expands across the world, we believe it is imperative that businesses, patients, consumers, and governments have the tracking and compliance technology they need to make informed decisions and comply with applicable regulations. We believe Akerna is well suited to meet these needs with the ability to scale rapidly across the world and offer a robust and innovative platform for growing industry demands,” stated MJ Freeway Co-Founder & Chief Executive Officer Jessica Billingsley.

In addition to her role as CEO, Billingsley also serves on the Akerna Board of Directors and is joined by senior leadership from MTech: Scott Sozio, Tahira Rehmatullah and Douglas Rothschild. The Board of Directors of Akerna also includes Emery Huang, Matt Kane, and Mark D. Iwanowski, who were formerly members of MJ Freeway’s Board of Directors. Roger McNamee, who served as senior advisor to MJ Freeway’s Board of Directors, will act as Senior Advisor to the Board of Directors of Akerna.

The business combination between the two companies was approved at a meeting of MTech stockholders today. In connection with the transaction, MTech and MJ Freeway combined to form Akerna Corp. (“Akerna”). The shares of common stock and warrants of Akerna will begin trading on The Nasdaq Stock Market tomorrow, June 18, 2019, under the symbols “KERN” and “KERNW,” respectively. The company also announced raising $9.2 million prior to this closing.

“We are very pleased to close this transaction and look forward to capitalizing on the substantial operating and financial benefits we believe the combination will create. From here, we believe we are well positioned to pursue our acquisition strategy to drive transformation for future growth in the regulatory technology sector,” commented Scott Sozio, CEO of MTech. “We believe comprehensive, compliant, scalable technology solutions will underpin the industry’s rapid growth, and serve as a backbone for sustained success.”

Roger McNamee, Senior Advisor to the Akerna Board of Directors added, “Cannabis companies that want to be leaders are adopting MJ Platform, because it is the only ERP product with the technical foundation to support multi-line and multi-location operations. This transaction will enable MJ to better support customers manage high growth and complexity as the industry transitions from local to a global scale.”

Upon the closing of the transaction, the former MJ Freeway equity holders exchanged their securities of MJ Freeway for securities of Akerna, and the former equity holders of MTech exchanged their securities of MTech for securities of Akerna. As a result of the former MJ Freeway equity holders beneficially own approximately 62.7% of Akerna’s outstanding shares of common stock (including the shares held in escrow and unvested restricted shares); the former MTech stockholders beneficially own approximately 27.7% of Akerna’s outstanding common stock; and the investors in MTech’s previously-announced private placement that closed concurrently with the business combination beneficially own approximately 9.6% of Akerna’s outstanding shares of common stock. Legal counsel for the business combination was provided by Graubard Miller (MJ Freeway) and Ellenoff Grossman & Schole LLP (MTech).

 


William SumnerWilliam SumnerNovember 27, 2018
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6min12870

During the massive gathering of cannabis industry leaders at Marijuana Business Conference & Expo in Las Vegas, Nevada, the leading women came together to honor the achievements of their peers. The 2nd Annual Industry Power Women Awards, the ceremony aimed to recognize the accomplishments of women in the cannabis industry; from entrepreneurs and investors to influencers and advocates, commenced.

The award ceremony was hosted by the group Industry Power Women (IPW) and made possible with generous sponsors that included Dr. Robb Farms, High Times Holding Company, Organa Brands, Regs Technology (Cannaregs), Skunk Factory, Mood33, Passport Cannabis, The GoldQ, CH3 Ventures, Greenhouse Ventures, Saka Wines and Pink Haze.

IPW was founded in 2017 and is an organization established to help advance female businesswomen in cannabis. IPW aims to elevate and empower female entrepreneurship within the cannabis industry by creating a support network of like-minded individuals.

Attending the invite-only ceremony was an assortment of women from across the industry and all walks of life. These women include founders, CEOs, C-suite executives, trade organization leaders and community organizers.

Green Market Report co-founder and CEO, Debra Borchardt, and managing partner of KCSA Strategic Communications as well as the founder of AxisWire, Cynthia Salarizadeh acted as hostesses for the event. The first to take home an award was Kristin Hope for the Rising Star Award. At just 15 years old, Hope became the first person to launch a pharmaceutical grade hemp beauty line, HOOP, and was most recently nominated for the Bell scholarship.

The next award recipient was Gaynell Rogers, who won Influencer of the Year. As one of the most respected voices in public relations, Rogers has worked with some of the best and brightest in the cannabis industry; including Harborside Health’s Co-Founder Steve DeAngelo.

Outside of the cannabis industry, Rogers is also known for her work as the senior publicist for Lucasfilm and the Head of Feature Film Publicity at Pixar for the first “Incredibles” and “Cars.”

For her outstanding work as a cannabis advocate, Amy T. Margolis was granted the 2018 Leadership Award. Margolis is the founder of the Oregon Cannabis Association, which is one of the largest trade organizations in the cannabis industry.

Most recently, Margolis was also named by Cannabis Business Executive (CBE) as one of the 2017’s 100 Most Powerful Political People in Cannabis and one of the 50 Most Important Women in Cannabis in both 2016 and 2017.

Taking the prize for Advocate of the Year was Wanda James. As an outspoken political voice and serial entrepreneur, James has been honored by High Times Magazine as one of the 100 Most Influential People in Cannabis and was also named as one of the 50 Most Important Women in the Cannabis Industry by CBE.

Emily Paxhia, co-founder and Managing Partner of Poseidon Asset Management, was named IPW’s Investor of the Year. Throughout her career, Paxhia has reviewed thousands of cannabis companies and has always taken the time to uplift promising female entrepreneurs by helping them shape their pitch preparations, go-to-market strategies/ product launches, and advised on day-to-day business operations.

Taking the Industry Power Women top honor of 2018 Business Woman of the Year was Jessica Billingsley. Billingsley is the Co-Founder and CEO of MJ Freeway Business Solutions; a technology company that provides software solutions to cannabis firms, as well as small-business, consulting services and application license support. In addition to her entrepreneurial accomplishments, Billingsley has also been named to Fortune Magazine’s list of Top 10 Most Promising Women Entrepreneurs.

Following the ceremony, many of the attendees would later recount with exuberance how empowered the event made them feel. For many, this event stood out as one of the few places where they could be with other women and talk about their trade. In an industry that continues to be dominated by men, that matters; and it only serves to highlight the continued relevance, and need, for ceremonies like the Industry Power Women Awards.

 


StaffStaffNovember 13, 2018
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12min5980

New Name Reflects Potential Accelerated Growth Opportunities and
Expanded Acquisition Capabilities of the Combined Organization

New York, NY – November 13, 2018 /AxisWire/ MTech Acquisition Corp. (NASDAQ: MTEC) (“MTech”), the first US-listed Special Purpose Acquisition Company focused on acquiring a business ancillary to the cannabis industry, and MJ Freeway LLC (“MJ Freeway”), a leading seed-to-sale technology provider and developer of the cannabis industry’s first enterprise resource planning platform, today announced “Akerna” as the name of the Nasdaq-listed public company following the consummation of the proposed merger of MTech and MJ Freeway.  MTech and MJ Freeway also announced that they will be attending the largest cannabis conference and expo in the world, The Marijuana Business Conference and Exposition (“MJBizCon”), taking place from November 14-16, 2018, at the Las Vegas Convention Center in Las Vegas, Nevada.  

The companies’ presence at the conference includes two booths:

  • Booth # 1849 will showcase the MJ Platform® technology with four interactive experiences highlighting how seed-to-sale data can enable better business performance
  • Booth # 2019 will feature Akerna, the company that will be created by the proposed merger of MTech and MJ Freeway.

Scott Sozio, Chief Executive Officer of MTech says, “Today’s announcement of Akerna marks a key milestone in the merger process. The name Akerna with “kern” at its center has dual meanings that are significant, both as the core of a computer’s operating system and its relationship to agriculture and growth. This new name reflects the full scope of MTech and MJ Freeway’s goals of providing the technology infrastructure for the cannabis industry while pursuing an aggressive growth strategy of accretive acquisition opportunities.”

Jessica Billingsley, CEO & Co-Founder of MJ Freeway, commented, “MJBizCon Vegas is an event MJ Freeway’s participated in for many years, and we are excited Akerna is now a part. When we started the company, our core focus was on providing compliance and technology solutions to the new cannabis market. With this proposed merger, we believe we will have the capital resources to expand and position ourselves as the dominant market leader in the cannabis SaaS space through a combination of continued organic growth and strategic acquisitions.”

Leadership from both MTech and MJ Freeway will be onsite for investor and press meetings.

As previously announced, MJ Freeway has entered into definitive agreements for a proposed merger with MTech.

About MJ Freeway

Founded in 2010, MJ Freeway is a leading cannabis technology company that creates and sells software, consulting and data solutions for cannabis businesses and government agencies, including cultivation management, point of sale, patient management, inventory tracking systems, and regulatory compliance reporting and monitoring.  MJ Freeway serves domestic clients in 29 states and the District of Columbia, as well as international clients in Australia, Canada, Chile, Colombia, Denmark, New Zealand, South Africa, Spain, Switzerland and Uruguay. Its regulatory software platform to state government regulatory agencies, Leaf Data Systems®, and seed-to-sale tracking software platform to commercial private businesses, MJ Platform®, have processed more than $13 billion in medicinal and recreational cannabis sales to date.

About MTech Acquisition Corp.

MTech Acquisition Corp. is a blank check company formed in September 2017 for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, recapitalization, exchangeable share transaction or other similar business transaction, one or more businesses or assets. MTech’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although it intends to focus its search on companies ancillary to the cannabis industry, with a particular sector focus that includes compliance, business intelligence, brand development and media. MTech is led by Chairman Steven Van Dyke and Chief Executive Officer Scott Sozio.

Forward Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside MJ Freeway’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to obtain MTech stockholder approval of the business combination with MJ Freeway; the inability to complete the transaction contemplated by the merger agreement governing such business combination because of failure of closing conditions or other reasons; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by MTech stockholders; the ability of the new public company formed for the proposed MJ Freeway-MTech business combination (“Pubco”) to meet the listing standards of The Nasdaq Stock Market following the consummation of the transactions contemplated by the merger agreement; costs related to the proposed business combination; MJ Freeway’s ability to manage growth; the reaction of MJ Freeway’s customers and suppliers to the business combination; Pubco’s ability to identify and integrate other future acquisitions; rising costs adversely affecting MJ Freeway’s profitability; adverse changes to the legal environment for the cannabis industry; and general economic and market conditions impacting demand for MJ Freeway’s products and services.  See the risk factors that have been disclosed in the registration statement on Form S-4 that was filed with the U.S. Securities and Exchange Commission on November 6, 2018 for additional risks associated with the business combination. None of MTech, Pubco or MJ Freeway undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Additional Information

For additional information on the proposed transaction, see MTech’s Current Report on Form 8-K, which was filed with the SEC on October 11, 2018.

Investors and security holders of MTech are advised to read the draft of the registration statement, the preliminary proxy statement and amendments thereto, and, when available, the prospectus and the definitive proxy statement in connection with MTech’s solicitation of proxies for its special meeting of stockholders to be held to approve the proposed transaction because the proxy statement/prospectus will contain important information about the proposed transaction and the parties to the proposed transaction. The definitive proxy statement/prospectus will be mailed to stockholders of MTech as of a record date to be established for voting on the proposed transaction. Stockholders will also be able to obtain copies of the registration statement and proxy statement/prospectus, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: MTech Acquisition Corp, c/o MTech Sponsor LLC, 10124 Foxhurst Court, Orlando, Florida 32836.

  Participants in the Solicitation

 

MTech, Pubco, MTech’s sponsor, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of MTech’s stockholders in connection with the proposed transaction.  Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of MTech’s directors and officers in MTech’s filings with the SEC, including MTech’s final prospectus for its initial public offering dated as of January 29, 2018 and that was filed with the SEC on January 30, 2018, and MTech’s Quarterly Reports on Form 10-Q, which were filed with the SEC on May 15, 2018 and August 8, 2018, and such information is also in the Registration Statement on Form S-4 filed with the SEC on November 6, 2018 which includes the proxy statement/prospectus of MTech for the proposed transaction.

No Offer or Solicitation

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

 

Media Contact:

Jon Goldberg
KCSA Strategic Communications
Tel. 212.896.1282
Email: jgoldberg@kcsa.com

 


StaffStaffOctober 11, 2018
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16min7640

Transaction Supported by MJ Freeway Owners, Including Prominent Tech Investor Roger McNamee-Implementing MTech’s Strategy to Provide Investors with Access to Cannabis Technology Sector

NEW YORK, Oct. 11, 2018 /AxisWire/ MTech Acquisition Corp. MTEC, -0.48%(“MTech”), the first US-listed Special Purpose Acquisition Company focused on acquiring a business ancillary to the cannabis industry, and MJ Freeway LLC (“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 (“Pubco”) 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, Senior Partner of Batu Capital, a MJ Freeway investor, and a current board member of MJ Freeway.

Summary of Transaction

Under the terms of the merger agreement, each of MTech and MJ Freeway will merge with newly formed subsidiaries of Pubco, which itself is a newly formed subsidiary of MTech.  As a result of such mergers, MJ Freeway equityholders will receive new shares of Pubco and MTech security holders will exchange their securities of MTech for securities of Pubco.  The shares of Pubco common stock to be issued to the MJ Freeway equity holders will have an aggregate value equal to Seventy Million U.S. Dollars($70,000,000), subject to adjustment for net working capital and indebtedness of MJ Freeway (as determined in accordance with the merger agreement), with each share of Pubco common stock valued at $10.16 per share.  Cash proceeds released from MTech’s trust account, which trust account currently has approximately $58 million in cash, after any shareholder redemptions and payment of transaction expenses and other MTech liabilities, shall remain with the combined company.  MJ Freeway equityholders are rolling 100% of their equity into the combined entity.

The transaction has been unanimously approved by the boards of both MTech and MJ Freeway.  Completion of the transaction is subject to approval by equityholders of each company and certain other conditions.  The transaction is currently anticipated to close by early 2019.

For additional information about the business combination, see MTech’s Current Report on Form 8-K (including the investor presentation included as an exhibit thereto), which will be filed promptly with the Securities and Exchange Commission and shall be available at the SEC’s website at www.sec.gov.

Ellenoff Grossman & Schole LLP is acting as legal advisors to MTech.  EarlyBirdCapital, Inc. is acting as financial advisors to MTech.  Graubard Miller is acting as legal advisors to MJ Freeway.

MTech and MJ Freeway intend to hold a conference call in the near future to discuss the transaction and will issue a separate release to announce when the call is scheduled.

About MJ Freeway

MJ Freeway® is the largest global cannabis technology company having tracked more than $10 billion in sales with clients in Australia, Europe, South America, New Zealand, Africa, Canada, and the United States in 29 states and the District of Columbia. Founded in 2010 by technologists creating tech specifically for cannabis businesses, MJ Freeway’s tracking software includes inventory control and grow management applications to streamline workflow and increase efficiency. MJ Freeway’s Leaf Data Systems software solution enables governments to track cannabis plants from seed-to-sale and ensure patient, public, and product safety. MJ Freeway also offers a complete suite of professional consulting services for cannabis businesses.  For more information, visit mjfreeway.com.

About MTech Acquisition Corp.

MTech Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.  MTech’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although MTech intends to focus its search on companies ancillary to the cannabis industry, with a particular sector focus that includes compliance, business intelligence, brand development and media.

MTech is led by Executive Chairman Steven Van Dyke and Chief Executive Officer Scott Sozio.

Forward Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside MTech’s, MJ Freeway’s or Pubco’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to obtain MTech stockholder approval of the business combination, the inability to complete the transaction contemplated by the merger agreement because of failure of closing conditions or other reasons; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by MTech stockholders; the ability of Pubco to meet the listing standards of The Nasdaq Stock Market following the consummation of the transactions contemplated by the merger agreement; costs related to the proposed business combination; MJ Freeway’s ability to manage growth; the reaction of MJ Freeway’s customers and suppliers to the business combination; Pubco’s ability to identify and integrate other future acquisitions; rising costs adversely affecting MJ Freeway’s profitability; adverse changes to the legal environment for the cannabis industry; and general economic and market conditions impacting demand for MJ Freeway’s products and services.  See the risk factors disclosed in the S-4/proxy statement for the business combination for additional risks associated with the business combination.  None of MTech, Pubco or MJ Freeway undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Additional Information About the Transaction and Where to Find It

For additional information on the proposed transaction, see MTech’s Current Report on Form 8-K, which will be filed promptly.

The proposed transaction will be submitted to shareholders of MTech for their approval.  In connection with the proposed business combination, Pubco will file with the SEC a registration statement on Form S-4 for the Pubco securities to be issued to MTech and MJ Freeway security holders at the closing of the business combination, which registration statement will contain preliminary and definitive proxy statements of MTech in connection with a special meeting of the stockholders of MTech to consider and vote on the business combination and related matters.  Pubco and MTech will mail the definitive registration statement on Form S-4 containing the definitive proxy statement and other relevant documents to its stockholders in connection with the meeting. Investors and security holders of MTech and MJ Freeway are advised to read, when available, the draft of the registration statement, the preliminary proxy statement, and amendments thereto, and the definitive registration statement and proxy statement, which will contain important information about the proposed business combination and the parties to it. The registration statement and definitive proxy statement will be mailed to stockholders of MTech as of a record date to be established for voting on the proposed business combination.  Stockholders will also be able to obtain copies of the registration statement and proxy statement, without charge, once available, at the SEC’s website at www.sec.govor by directing a request to: MTech Acquisition Corp., 10124 Foxhurst Court, Orlando, Florida, 32836, attention: Chief Executive Officer.

Participants in the Solicitation

MTech, Pubco, MJ Freeway, and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of MTech stockholders in connection with the proposed business combination.  Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of MTech’s directors in the final prospectus for MTech’s initial public offering dated as of January 29, 2018 and that was filed with the SEC on January 30, 2018, and well as in any annual reports on Form 10-K that may be filed with the SEC.  Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be contained in the proxy statement when it becomes available.

No Offer or Solicitation

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Media Contact:

Jon Goldberg
KCSA Strategic Communications
Tel. 212.896.1282
Email: jgoldberg@kcsa.com


StaffStaffSeptember 20, 2018
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6min4660

Batu Capital Investments, Cresco Capital Partners and existing investors participate in raise for the largest global cannabis tech company

Denver, CO – September 18, 2018/ AxisWire/ MJ Freeway, the company which invented seed-to-sale technology and has the cannabis industry’s first enterprise resource planning product, announced the completion of its $10 million oversubscribed Series C financing. The financing, which will accelerate MJ Freeway’s growth in advanced technological build-outs, centered around increasing new product features for businesses and governments. The round was led by Batu Capital Investments, a tech-focused multi-family office managed by Emery and Evan Huang. Cresco Capital Partners, a private equity investment firm dedicated to investing in the cannabis industry, also participated significantly.

“The industry is maturing rapidly and needs software that can handle increasing complexity, with state-of-the art functionality and data security,” said Jessica Billingsley, Co-Founder & CEO of MJ Freeway. “With adult-use permitted in 9 states and medical in 30 states, MJ Freeway is uniquely enabled to support regulation at every level. Indeed, we are — and have been — the backbone upon which the cannabis industry is built. We thank our new and existing investors for realizing the tremendous importance of our enterprise.”

“MJ Freeway’s technology is vastly superior to other offerings in the marketplace. It supports the full range of cannabis business operations – from cultivation to manufacturing to dispensary – with the industry’s first fully-integrated enterprise resource planning (ERP) product, MJ Platform,” said Emery Huang, Senior Partner of Batu Capital. “We believe MJ Freeway is the market innovator and will maintain its market dominance through a clear technological edge over the competition.”

“Cresco Capital Partners has made significant investments in the cannabis space since 2015, and we believe MJ Freeway is the clear leader in the cannabis supply chain management SaaS market, positioned for dominance,” said Matt Hawkins, Managing Principal at Cresco Capital Partners. “The company’s innovative product line and experienced management team led to our decision to invest in MJ Freeway’s unparalleled tech platform.”

About MJ Freeway

MJ Freeway® is the largest global cannabis technology company having tracked more than $10B in sales with clients in Australia, Canada, Europe, South America, Switzerland, and the United States in 23 states and the District of Columbia. Founded in 2010 by technologists creating tech specifically for cannabis businesses, MJ Freeway’s tracking software includes patent-pending inventory control and grow management applications to streamline workflow and increase efficiency. MJ Freeway’s Leaf Data Systems software solution enables governments to track cannabis plants from seed-to-sale and ensure patient, public, and product safety. MJ Freeway also offers a complete suite of professional consulting services for cannabis businesses.  For more information, visit mjfreeway.com.

About Batu Capital

Batu Capital is a multi-family office managed by Emery and Evan Huang. We look for opportunities in cryptocurrency, cannabis, and big data that constitute either game-changing technologies or are late-stage/pre-IPO enterprises that have built wide economic moats.

About Cresco Capital Partners

Cresco Capital Partners is a private equity firm that is focused on investing exclusively in the legalized cannabis space. The firm has deployed over $25MM in the industry since 2015 and is currently raising their second fund.  Fund II has made six (6) investments thus far and will close its raise at $50 million.  Led by an experienced team of private equity professionals, the firm’s principals have over 20 years of investment experience collectively within the legalized cannabis industry. 

Media Contact:

Jon Goldberg
KCSA Strategic Communications
Tel. 212.896.1282
Email: jgoldberg@kcsa.com

 



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