AWS: EB CLI Throws Exceptions VersionConflict and/or DistributionNotFound

When running EB CLI, do you run into the following error?

$ eb deploy
Traceback (most recent call last):
  File "C:Python34libsite-packagespkg_resources__init__.py", line 635, in _build_master
    ws.require(__requires__)
  File "C:Python34libsite-packagespkg_resources__init__.py", line 942, in require
    needed = self.resolve(parse_requirements(requirements))
  File "C:Python34libsite-packagespkg_resources__init__.py", line 834, in resolve
    raise VersionConflict(dist, req).with_context(dependent_req)
pkg_resources.ContextualVersionConflict: (colorama 0.3.3 (c:python34libsite-packages), Requirement.parse('colorama==0.3.7'), {'awsebcli'})

During handling of the above exception, another exception occurred:

Traceback (most recent call last):
  File "C:Python34Scriptseb-script.py", line 5, in <module>
    from pkg_resources import load_entry_point
  File "C:Python34libsite-packagespkg_resources__init__.py", line 2900, in <module>
    @_call_aside
  File "C:Python34libsite-packagespkg_resources__init__.py", line 2886, in _call_aside
    f(*args, **kwargs)
  File "C:Python34libsite-packagespkg_resources__init__.py", line 2913, in _initialize_master_working_set
    working_set = WorkingSet._build_master()
  File "C:Python34libsite-packagespkg_resources__init__.py", line 637, in _build_master
    return cls._build_from_requirements(__requires__)
  File "C:Python34libsite-packagespkg_resources__init__.py", line 650, in _build_from_requirements
    dists = ws.resolve(reqs, Environment())
  File "C:Python34libsite-packagespkg_resources__init__.py", line 829, in resolve
    raise DistributionNotFound(req, requirers)
pkg_resources.DistributionNotFound: The 'colorama==0.3.7' distribution was not found and is required by awsebcli

I ran into this error today. Apparently it was caused by installing AWS CLI after EB CLI:
pip install awscli
Reinstalling EB CLI solved the issue:
pip install awsebcli