Kannalife, Inc. (OTCPK:KLFE) announced that it has entered into agreement with two accredited investor for the private placement of a 8% unsecured convertible promissory notes for gross proceeds of $200,000 on March 12, 2020. The notes are issued at principal amount of $105,000 each at an original discount of $5,000 each. The notes carries a fixed coupon of 8% per annum and would mature on March 12, 2021. In the event of default, the note bears a coupon rate of 22%. The notes is convertible into common shares of the company at a conversion price of 68% of the average of the two lowest dollar volume weighted average price during the 15 trading days preceding any conversion date. The prepayment amount will be equal to 112% of the principal amount if paid under 90 days from the date of issuance, 125% if paid between 91 to 180 days, 135% if paid more than 181 days. The company reimbursed the investor’s expenses of $6,000 for legal and due diligence fees. The company will issue securities pursuant to exemption provided under Regulation D.