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MTech Acquisition to merge with cannabis technology developer

MTech Acquisition Corp. is merging with MJ Freeway LLC, a developer of seed-to-sale technology for the cannabis industry.

Denver, Colo.-based MJ Freeway provides software, consulting services and data solutions for cannabis businesses. The company offers compliance tracking of cannabis and enterprise scale business management tools.

Under the agreement, $70 million worth of common shares will be issued to MJ Freeway's equity holders, and MTech security holders will receive securities. Both boards of MTech and MJ Freeway have already unanimously approved the transaction. Closing of the merger is expected by early 2019, subject to the approval of both companies' equity holders and other conditions.

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

Orlando, Fla.-based MTech Acquisition is a special purpose acquisition company focused on the cannabis industry.