USDA Announces Risk Management Programs for Hemp Growers
Wisconsin Ag Connection - 02/14/2020
The U.S. Department of Agriculture announced the availability of two programs that protect hemp producers' crops from natural disasters.
A pilot hemp insurance program through Multi-Peril Crop Insurance provides coverage against loss of yield because of insurable causes of loss for hemp grown for fiber, grain or Cannabidiol, or CBD oil; and the Noninsured Crop Disaster Assistance Program
coverage protects against losses associated with lower yields, destroyed crops or prevented planting where no permanent federal crop insurance program is available.
"We are pleased to offer these coverages to hemp producers," said Farm Production and Conservation Undersecretary Bill Northey. "Hemp offers new economic opportunities for our farmers, and they are anxious for a way to protect their product in the event
of a natural disaster."
As part of the 2018 Farm Bill, all hemp growers must have a license to grow the crop and must comply with applicable state, tribal or federal regulations or operate under a state or university research pilot.
Producers may apply for the programs by the sign-up deadline of March 16.