The Canadian Bioceutical Corporation Extends Target Closing Date To Acquire Medical Cannabis Management Group

TORONTO, ON / ACCESSWIRE / June 14, 2016 / The Canadian Bioceutical Corporation (TSX Venture Exchange: BCC, OTC: CBICF) ("BCC") announces today that the target date to consummate the purchase as more particularly set forth in the Letter of Intent it entered into on January 21, 2016 has, with mutual consent of the Vendor, been extended to July 15, 2016. The extension provides the parties with additional time to complete required financial audits and closing documentation.

The proposed acquisition is in relation to BCC acquiring a group of related companies currently engaged in the supply of management and logistical services to medical marijuana dispensaries, production and cultivation businesses in the United States.

Additional details in relation to the acquisition is set forth in BCC's News Release of January 25, 2016.

About The Canadian Bioceutical Corporation

BCC, formerly Allegiance Equity Corporation, is an Ontario corporation that, for over two decades has been developing unique standardized mass-market nutraceutical products for the treatment of common ailments where present pharmaceutical treatments and over-the-counter products fail to meet the needs of patients. BCC has targeted markets having clearly identified product deficiencies and dissatisfied consumers afflicted with a variety of medical conditions. BCC obtains regulatory approval and patents for these unique compounds and formulations and may produce and distribute or license its products for royalty revenues.

BCC's principal brands are CinG-X™, Reliéva™, Psorberine™, and FertaMax™. Additionally BCC, through its wholly-owned subsidiary BioCannabis Products Ltd. and, subsequent to receiving its MMPR license from Health Canada and as part of its planned expansion into the U.S. medical marijuana sector, intends to develop and market a series of new cannabis-based branded medicinal products to address this rapidly-evolving market.

Investors should be aware that companies cannot legally conduct a medical marijuana business in Canada without a license from Health Canada and that there is significant time and cost required to obtain such a license. As well, the cultivation and sale of marijuana, while legal and regulated in several U.S. states, technically remains illegal under U.S. federal law. As a publicly-traded company publicizing its intention to enter the medical marijuana industry, BCC urges potential investors in any company in this sector, to become familiar with the required resources and the related risks, costs implications and time required before a company will be able to begin and conduct licensed operations. There is no assurance that any company announcing its intent to enter the medical marijuana industry will be successful in obtaining a license or in creating shareholder value.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Transaction and BCC's objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in BCC's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although BCC believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, BCC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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

For further information please contact:

Scott Boyes, President and CEO, The Canadian Bioceutical Corporation
scott@canadianbioceutical.com
(416) 840-4703

SOURCE: The Canadian Bioceutical Corporation