Toronto, Ontario--(Newsfile Corp. - June 19, 2018) - This document corrects and replaces the press release that was issued by Ancient Strains Limited ("Ancient Strains") today June 19, 2018 at 5:26PM EST. The error occurred in the first paragraph where it should read "2,000 kg per year" instead of "2,000 tonnes per year".

Ancient Strains Limited ("Ancient Strains"), through its wholly-owned subsidiary Ancient Strains International Ltd. ("ASIL"), is pleased to announce that it has signed a Definitive Agreement ("DA") with Cannabis Uruguay Limitada ("CUL") outlining the terms of an agreement to finance the expansion of a CBD - rich hemp operation in exchange for an 80% equity interest in CUL. Under the terms of the agreement, ASIL will invest USD $6.9 million, and make cash and share payments subject to completion of certain milestones, including first commercial sales of cannabinoid extract. Upon reaching commercial production, expected in mid 2019, CUL is estimated to produce approximately 2,000 kg per year of cannabinoid extracts for export. The transaction is subject to Ancient Strains financing the build - out and expansion, and CUL receiving necessary regulatory and permit approvals.

"We are very excited to work with the CUL team in Uruguay. Ancient Strains will provide the financing and Canadian experience and bring international markets for product sales. Uruguay is a stable and progressive country with excellent growing conditions, experienced growers, and favourable export tax treatment. This marks the first step toward our growth as a leader in the international trade in cannabis extracts for medicinal purposes in three key areas: South America, North America/Europe, and south Asia. These regions combine excellent growth opportunities, and substantial future markets." stated President Samir Biswas.

SUMMARY of NEAR TERM COMMITMENTS in URUGUAY

• On signing, CUL receives immediate USD$250,000 cash and $150,000 working capital;

• Ancient Strains commits an additional USD$500,000 to commence expansions;

• CUL completes first harvest on 450 sq m (5,000 sq ft), and initiates oil extraction testing;

• CUL commences greenhouse construction on 2 hectare (215,000 sq ft) property;

• CUL acquires 30 hectares (3.2 million sq ft) for staged future expansion;

• Ongoing expansion in Uruguay through 2018 and 2019 upon receipt of approvals

KEY ANTICIPATED CORPORATE MILESTONES

• Ancient Strains expects to conclude one or more agreements in India by August 31;

• Ongoing development of markets for CBD and other extracts in Canada and abroad;

• Completion of a go - public transaction anticipated in Q4 of 2018;

• Completion of a license permit in one other world class grow location anticipated in 2019.