GrowLife, Inc. announced that it has entered into agreement with One44 Capital LLC for a private placement of convertible promissory note for gross proceeds of $135,000 on March 28, 2023. The principal amount of the note is $150,000 and issued at a discount of $15,000. The note accrues interest at a rate of 10% per annum and has a maturity of twelve months from the date of issuance, expiring March 28, 2024.

The company paid the interest of $6,750 at the time of issuance. The notes are convertible into common shares of the company subject to adjustment. The company has issued the securities pursuant to exemption provided under Section 4(a)(2) under the Securities Act of 1933, as amended, and Rule 506(d) promulgated under the 1933 Act.

The company has paid legal fee of $6,750 in the transaction.