GrowLife, Inc. announced that it has entered into a purchase agreement with Quick Capital, LLC for a convertible promissory note for gross proceeds of $86,000 on November 2, 2022. The principal amount of the note was $95,555. The note accrues interest at a rate of 12% per annum and has a maturity date of July 2, 2023.

The original issue discount on the note was $9555. The investor may in its option, at any time beginning 180 days after the date of the Note, convert the outstanding principal and interest on the note into shares of our common stock at a conversion price of $0.06 per share or equal to 75% of the lowest daily volume weighted average price of our common stock during the 15 trading days prior to the date of conversion. Additionally, the company issued a 5-year common stock purchase warrant granting the right to purchase up to 1,911,111 shares of the company common stock at an exercise price of $0.05 per share, subject to adjustments as fully set forth therein.

The note, and the warrant contain customary terms, conditions, relative restrictions, and other such terms governing the NPA, QCL Note, and the QCL Warrant.