PharmaCan Announces Non-Brokered Private Placement of up to $5 Million

TORONTO, ON--(Marketwired - May 09, 2016) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES

PharmaCan Capital Corp. (TSX VENTURE: MJN) ("PharmaCan" or the "Company") is pleased to announce a non-brokered private placement offering (the "Offering") to raise up to $5,000,000 through the issuance of up to 27,027,027 of common share units (the "Units").

Each Unit is priced at $0.185 per Unit and consists of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.245 per share for a period of five years following the closing of the Offering.

Closing of the Offering, which is expected to occur in multiple tranches with the first tranche closing on or about May 11, 2016, is subject to customary conditions, including the acceptance of the TSX Venture Exchange. The Company expects to close the second tranche of its Private Placement financing by May 16, 2016. The proceeds of the private placement will be used for the repayment of debt and general working capital purposes.

All securities issued in connection with the Offering are subject to a regulatory hold period of four months and a day in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws, and such further restrictions as may apply under foreign securities laws. Completion of the financing is subject to final approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About PharmaCan Capital Corp.
PharmaCan is a company in the business of investing in companies licensed to produce medical marihuana pursuant to Canada's MMPR.

Neither the 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.