References in this report to "we," "us" or "our company" refer to MTech Acquisition Corp. References in this report to our "public shares" are to shares of our Class A common stock sold as part of the units sold in our initial public offering (whether they were purchased in such offering or thereafter in the open market) and references to "public stockholders" refer to the holders of our public shares, including our sponsor (as defined below), officers and directors to the extent they purchase public shares, provided that their status as "public stockholders" shall only exist with respect to such public shares. References in this report to our "management" or our "management team" refer to our officers and directors, references to our "sponsor" refer to MTech Sponsor LLC. Our chairman, Steven Van Dyke, and our president and one of our directors, Scott Sozio, are the managing members of one of our sponsor's managing members and each of our officers and directors is a member of our sponsor or owns, indirectly, membership interests in our sponsor through a managing member entity.
We are a blank check company formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Our initial business combination and value creation strategy will be to acquire and, after our initial business combination, assist in the growth of a business ancillary to the cannabis industry, with a particular sector focus that includes compliance, business intelligence, brand development and media. However, we are not limited to this industry and, if the Merger (defined below) is not consummated, we may pursue a business combination opportunity in any business or industry we choose and we may pursue a company with operations or opportunities outside of the United States.
Although the cannabis industry has evolved significantly and continues to mature, we believe the industry is still undercapitalized and companies operating across multiple verticals consistently have trouble accessing capital from traditional resources. Financing of businesses that operate within the legal cannabis industry in the U.S. has relied largely on private money - friends and family, high net-worth individuals and small-to-medium-sized private investment firms. Institutional investors have shied away from companies in the cannabis industry, especially those that are directly involved in the production, distribution and sale of cannabis (businesses that "touch the plant"), which we do not intend to target. Even businesses that do not "touch the plant" and instead provide ancillary services to the industry, for the most part, have found it extremely difficult to access capital. The federal prohibition on cannabis has led to a situation in which small investors and venture funds have become the industry's financial backbone. As a result, we believe we have the opportunity to create a compelling structure that will enable the right target company to go public and access the capital it needs in order to accelerate its organic growth and also create additional stakeholder value as a well-capitalized acquirer in an industry defined by undercapitalized competition. We will not invest in an entity or assets which violate, or aid and abet the violation, of federal law.