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Hemp crop insurance coverage available for 2020
The USDA’s Risk Management Agency has announced some industrial hemp growers will now be able to cover their hemp crop under the Whole-Farm Revenue Protection program.
RMA Administrator Martin Barbre says that will apply to farmers who grew hemp under the 2014 Farm Bill pilot project for research. “Those folks have records,” he says. “Our Whole-Farm policy requires five years of income records for a commodity before you can add it to a whole-farm policy.”
He tells Brownfield RMA is working to eventually be able to provide a stand-alone insurance policy for hemp production. “That’s a policy that normally takes two to three years,” he says. “And we couldn’t work on it until the 2018 Farm Bill was signed.”
The 2018 Farm Bill amended the Controlled Substances Act to address how industrial hemp is defined and regulated at the federal level.
AUDIO: Martin Barbre, RMA
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