Two properties owned by a family-run medical cannabis company in Morris County are facing foreclosure after the business defaulted on a $10.5 million loan, according to court documents.
Hillview Med, a cannabis cultivator and manufacturer, defaulted on the loan from BCB Community Bank in August, according to the foreclosure case filed Feb. 12 in Morris County's Chancery Division, which handles general equity cases, including property disputes. However, the head of Hillview Med said the company signed an extension agreement for the loan and plans to pay the bank in full, so the foreclosure will be "moot."
At least five cannabis dispensaries in New Jersey carry Hillview Med's line of cannabis flower and pre-rolls, according to its website. The bank filed for foreclosure on two of Hillview Med's commercial farming properties, totaling approximately 23 acres, where it produces cannabis and hemp products. The properties are both located on Hillview Road, on the border of Lincoln Park and Pequannock, less than a mile from Lincoln Park Airport.
BCB Community Bank, based in Bayonne, is also speeding up collection on its other loans to Hillview Med — a $2 million mortgage from March 2021, a $1 million loan in June 2021 and a $1 million loan in April 2022, according to the court document.
Read more at nj.com