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Two properties owned by a family-run medical marijuana 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.”