The injection of funds is expected to help the farm quickly ramp up its operation if it is awarded one of two pending licenses for North Jersey.
The investment group, MedCan LLC, has two principal owners: John Sumas of Springfield, who is the chief operating officer of Village Super Market Inc., and Andreas Kertesz of Livingston, whose family owns one of the state’s largest wholesalers and retailers of alcohol.
“Our ownership team now encompasses members of three of the longest-running business families in New Jersey,” said Ken Vande Vrede, CEO of Hillview Med.
The investors declined to reveal the size of the investment, citing “competitive reasons.” Hillview Med and MedCan are both private companies. Sumas and Kertesz said their investment will help fund retrofitting the farm for large-scale production and will be used for operating expenses such as hiring staff…read more