Providing crop insurance to hemp farmers might be a bit trickier than lawmakers expected when the crop was federally legalized.
During a House Agriculture Committee hearing last week, panel leadership raised questions about the logistics of covering the plant through the U.S. Department of Agriculture (USDA).
Chairman Collin Peterson (D-MN) told Bill Northey, undersecretary for farm production and conservation at USDA, that he doesn’t see “how in the world you’re going to come up with a product for hemp.”
While there’s significant interest among farmers and other stakeholders in capitalizing on hemp since its legalization through the 2018 Farm Bill, Northey said in response there are “challenges coming up with a product [for hemp] that fairly represents the risk, and understanding how it should be priced.”
“Providing effective risk management options for hemp producers was an important part of the 2018 Farm Bill,” the official said in separate written testimony.
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