The U.S. Department of Agriculture (USDA) announced on Tuesday that hemp farmers operating under pilot programs authorized through the 2014 Farm Bill are now eligible for federal crop insurance for the 2020 planting season, while those who cultivate hemp under broader federal legalization in the 2018 version of the legislation can obtain coverage after regulations are developed.
Producers who are growing hemp through a research program via the 2014 bill’s provisions can obtain Whole-Farm Revenue Protection (WFRP), an insurance program that covers up to $8.5 million in revenue. Only farmers producing hemp for fiber, flower or seeds will qualify.
“Numerous producers are anxious for a way to protect their hemp crops from natural disasters,” USDA Risk Management Agency (RMA) Administrator Martin Barbre said in a press release. “The WFRP policy will provide a safety net for them. We expect to be able to offer additional hemp coverage options as USDA continues implementing the 2018 Farm Bill.”
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