GrowLife, Inc. announced that it has entered into a securities purchase agreement returning investor AJB Capital Investments LLC for a private placement of a convertible promissory note for proceeds of $1,701,700 on December 29, 2022. The note carries an interest rate of 10% a year, along with any and all other amounts, shall be due and owing on June 30, 2023 with accrued interest payments payable on the 1st day of each month. The company paid a commitment fee of 700,000 unregistered shares to the investor.

The note has a principal value of $1,870,000. The company is issued at a original issue discount of $168,300 for $1,701,700. The note is convertible into common shares.