Cannabis Wheaton Provides Update on Private Placement and Related Matters

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 5, 2017) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION TO UNITED STATES

Cannabis Wheaton Income Corp. (TSX VENTURE:CBW) ("Cannabis Wheaton" or the "Company") wishes to announce the termination of its previous engagement letter (the "Engagement Letter") with Eight Capital and Canaccord Genuity Corp. (the "Co-Lead Agents"), in connection with its previously announced best efforts private placement of "Special Warrants" and "Convertible Debenture Units". The Company and the Co-Lead Agents have mutually agreed to terminate the Engagement Letter.

Over the preceding week the Company has been the subject of multiple inflammatory false or misleading reports, published primarily online by persons seeking to discredit the Company. Cannabis Wheaton as well the Co-Lead Agents have been referenced and targeted about various matters, including the ownership of securities in Cannabis Wheaton by employees of the Co-Lead Agents, despite such ownership being disclosed in the Company's press release dated May 23, 2017.

Chuck Rifici said "Since the previously announced private placement, only positive events have occurred within the Company's business including the signing of the agreement with Abcann Global Corporation. The Co-Lead Agents confirmed that the termination of the Engagement Letter was not in any way related to due diligence conducted by the Co-Lead Agents or investors' reception of the Company's private placement.

While we are disappointed at the timing of the termination of the Engagement Letter with the Co-Lead Agents, we are pleased at the enthusiastic response from the syndicate members and other leading firms seeking to take up the agency role in the private placement. We are acting swiftly to finalize an agreement with a new broad syndicate of agents to facilitate an expeditious closing of the proposed private placement."

Finally, further to the Company's press release dated May 31, 2017, we wish to confirm in the strongest possible terms that no law enforcement or other regulatory agencies have contacted the Company and that any allegations to the contrary being published online are entirely without merit.

ON BEHALF OF THE BOARD

Chuck Rifici, Chairman & CEO

About Cannabis Wheaton Income Corp. (TSX VENTURE:CBW)

Backed by a team of industry experts, Cannabis Wheaton is the first cannabis streaming company in the world. Our streams will include production from across Canada coming from our partners comprised of licensed producers of cannabis (LP) and LP applicants. Cannabis Wheaton's mandate is to facilitate real growth for our streaming partners by providing them with financial support and sharing our collective industry experience.

Stay Connected

For more information about Cannabis Wheaton and our management team, please visit: http://www.cannabiswheaton.com, or follow us on Twitter @CannabisWheaton. Call: 1-604 687 7130 Email: Mario@skanderbegcapital.com http://www.skanderbegcapital.com.

Forward-Looking Information

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: the Company's ability to finalize an agreement with a new broad syndicate, receipt of regulatory approvals related to the private placement, inability to complete the private placement on the proposed terms or at all, the Company's ability to prevent misinformation about the Company being disseminated in the future, and other risks affecting the Company in particular and the medical cannabis industry generally. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.