MJ Harvest, Inc. (OTCPK:MJHI) announced that it has entered into securities purchase agreement for a private placement of promissory notes for gross proceeds of $810,000 on March 22, 2021. The transaction included participation from AJB Capital Investments LLC and SDT Holdings LLC for notes in the principal amount of $300,000 and $600,000 respectively. The notes of principal value, $900,000 are being issued at an original issue discount of 10% or $90,000. The notes bear interest at the rate of 12%, if paid on or before September 21, 2021. The company has the right to extend the notes for an additional six months at an interest rate of 15%, in which case the notes would be due March 21, 2022. The initial interest accrual aggregating $54,000 for six months is earned on March 22, 2021 and is payable in monthly installments of $9,000 on the first of each month with the first payment due on April 1, 2021. The notes are secured by all assets of the company. The company also agreed to pay a commitment fees of $750,000 payable by issuance of 1,200,000 shares of restricted common stock and 3,000,000 warrants that are exercisable at $0.38 per share with a three-year term expiring on March 21, 2024. In the event of default, the remaining principal amount of the notes plus all accrued interest plus any other fees due under the terms of the notes may be converted at the sole election of the note holders into restricted common stock of the company at 90% of the market price of shares at the time of conversion. The company has paid $22,500 for investors legal expenses, and $10,500 as due diligence fees in the transaction and received net proceeds of $777,000. The securities are issued pursuant to exemption provided under Regulation D.