VANCOUVER, British Columbia, March 15, 2018 (GLOBE NEWSWIRE) -- Cannabis Wheaton Income Corp. (TSX.V:CBW) ("Cannabis Wheaton" or the "Company") is pleased to announce that it has entered into a strategic alliance agreement (the "Agreement") with Ontario-based research and development firm Honest Inc. (d/b/a Province Brands of Canada) ("Province") whereby the Company will assist Province with the establishment and licensing of a cannabis facility focused on the research, development and commercialization of cannabis-based beverages.



Pursuant to the Agreement, and subject to applicable laws, the Company will assist Province in obtaining the Federal licensing necessary for Province to engage in the research, development and commercialization of cannabis-based beverages (the "License") through its Wheaton Licensing Program by providing Province with the resources and expertise necessary to achieve the License.

In connection with the strategic alliance, the Company will receive 2,068,284 preferred shares in the capital of Province, representing a 10% equity ownership interest in Province on a fully diluted basis, and to further the strategic alliance between the two companies, Cannabis Wheaton will issue 303,030 common shares to Province. The Agreement shall last for at least 3 years and shall automatically renew for 1-year periods unless otherwise mutually terminated by the Company and Province. The Company and Province have also agreed to explore and collaborate on further commercial opportunities including supply and offtake arrangements, cannabis genetics development and refinement, co-branding opportunities, white-label opportunities, IP development and licensing as well as international distribution opportunities.

Dooma Wendschuh, Co-Founder and CEO of Province, commented, "Today marks a giant leap forward for Province in our mission to create a safer and healthier alternative to alcohol. We are thrilled with the opportunity to partner with Chuck, Hugo and the rest of the Cannabis Wheaton team on this adventure, as Province aims to become the first company to develop a premium line of beverages brewed exclusively from the cannabis plant, as well as other premium cannabis-powered, alcohol-free beers and spirits. Here’s to a partnership which we hope will create tremendous value for Province and Cannabis Wheaton’s shareholders and create lots of phenomenal cannabis-based products for everyone else."

Hugo Alves, President of Cannabis Wheaton, stated, "We are very excited about this collaboration with Province. We believe that our regulatory and industry expertise, coupled with Province's accomplished team, will be a winning combination for both companies as we work to develop unique consumer products and formulations which we believe will eventually play a huge role in the cannabis industry and ultimately be disruptive to the alcohol industry. We look forward to partnering with Province and helping them build an industry-leading global brand in the cannabis beverage vertical."

The Agreement remains subject to certain conditions precedent, including receipt of applicable regulatory approvals and the approval of the TSX Venture Exchange.

ON BEHALF OF THE BOARD

"Chuck Rifici" Chairman & CEO

About Cannabis Wheaton (TSX.V:CBW)

Cannabis Wheaton is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Our mandate is to facilitate growth for our partners by providing them with financial support and sharing our collective industry experience. Our partners all have different visions, voices and brand values, and all share a common goal—to build a world-class industry based on ethics, diversity, quality and innovation.

Investor Relations:

For more information about investing in Cannabis Wheaton, please visit: http://www.wheatonincome.com or contact our Investor Relations Team:

Email: IR@wheatonincome.com

1-833-695-2414

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Media Enquiries (only):

For media enquiries or to set up an interview please contact:

Sarah Bain, VP External Affairs

Email: sarah@cannabiswheaton.com

Phone: 613.230.5869

About Province Brands of Canada

Province Brands of Canada is an early stage, Toronto-based, highly disruptive premium adult beverage company founded by veteran entrepreneurs with extensive experience in the premium alcohol and legal medical and recreational cannabis industries. Province’s patent-pending process has created the world’s first beer brewed entirely from cannabis. Alcohol-free, yet highly intoxicating, and with a dose-response curve similar to that of alcohol, Province’s cannabis-powered beers are here to challenge the alcohol industry by offering a safer and healthier alternative.

For more information about Province Brands, please sign up at: http://www.provincebrands.com or email province@provincebrands.com. Twitter: @provincebrands Instagram: @provincebrands

Facebook: @provincebrands

Media Contact, Province Brands of Canada:

Alyssa Lioutas, Partner, Duet Public Relations Inc.

Email: alyssa.lioutas@duetpublicrelations.com

Phone: 416-271-5477

Notice Regarding Forward Looking Statements:

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: regulatory or political change, the ability to consummate transactions which are currently in discussions, the Company's ability to obtain the License, Province's ability to develop and commercialize cannabis-based beverages, the Company’s ability to generate revenue through the Agreement, requirements to obtain additional financing, timeliness of government approvals for granting of permits and licenses, including licenses to cultivate and sell cannabis, completion of the facilities, where applicable, actual operating performance of the facilities, competition and other risks affecting the Company in particular and the 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 not under any 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.