Kannalife, Inc. (OTCPK:KLFE) announced that it has entered into a securities purchase agreement with an accredited investor for private placement of 12% unsecured convertible promissory notes for gross proceeds of $156,000 on June 2, 2020. The notes contains original issue discount of $9,000 and has a principal amount of $165,000. The notes matures 12 months from the effective date of each tranche. The notes bear interest of 12% per annum payable on maturity or prepayment. The notes are convertible into common shares at a variable conversion price of 68% of market trading price during 15 trading day period. The prepayment amount will be equal to 115% of the principal amount if paid under 60 days, 125% if paid between 11 to 120 days, 135% if paid between 121 to 180 days. The company will also issue 36,666 share purchase warrants exercisable at $0.75 per share for a period of three years. The company will receive funding in two tranches. The company will issue securities pursuant to exemption provided under Regulation D.