The U.S. Department of Agriculture (USDA) announced on Dec. 23 that hemp farmers in 21 states will be eligible for a new crop insurance pilot program starting in 2020. The program provides actual production history coverage, which insures farmers against yield losses associated with natural causes like drought and disease.
Only hemp farmers complying with a 2014 Farm Bill pilot program or federal regulations laid out in the USDA's interim final rule in October qualify. They must also have grown hemp for at least one year. Crops that are cultivated for fiber, grain, or CBD oil would be eligible for coverage. Also, beginning in 2021, hemp farmers will be eligible for coverage under the Nursery crop insurance program and the Nursery Value Select pilot crop insurance program.
The Russell Agency offers insurance for hemp products. Whether you are a grow lab, dispensary or some other hemp or marijuana related business, please give us a call to discuss your insurance needs.