No module named graphite.settings

This is what I see as when I'm trying to run Graphite-Web using uWSGI:

Traceback (most recent call last):
  File "/usr/lib/python2.7/dist-packages/django/core/handlers/wsgi.py", line 219, in __call__
    self.load_middleware()
  File "/usr/lib/python2.7/dist-packages/django/core/handlers/base.py", line 37, in load_middleware
    for middleware_path in settings.MIDDLEWARE_CLASSES:
  File "/usr/lib/python2.7/dist-packages/django/utils/functional.py", line 184, in inner
    self._setup()
  File "/usr/lib/python2.7/dist-packages/django/conf/__init__.py", line 42, in _setup
    self._wrapped = Settings(settings_module)
  File "/usr/lib/python2.7/dist-packages/django/conf/__init__.py", line 95, in __init__
    raise ImportError("Could not import settings '%s' (Is it on sys.path?): %s" % (self.SETTINGS_MODULE, e))
ImportError: Could not import settings 'graphite.settings' (Is it on sys.path?): No module named graphite.settings

I can see that the module is missing, I've tried the django-admin.py syncdb command and manage.py syncd command as well, none helped, this machine was restarted several times after upgrading.

Can someone please assist with this issue?