The U.S. Department of Agriculture (USDA) on Feb. 6 announced the availability of two federal crop insurance programs for hemp producers.
A pilot hemp insurance program offered through Multi-Peril Crop Insurance (MPCI) provides coverage against loss of yield because of insurable causes of loss for hemp grown for fiber, grain or cannabidiol (CBD) oil. Meanwhile, a Noninsured Crop Disaster Assistance Program (NAP) coverage protects against losses associated with lower yields, destroyed crops or prevented planting where no permanent federal crop insurance program is available. Producers may apply now through March 16, 2020 for both programs.
“We are pleased to offer these coverages to hemp producers,” said USDA Undersecretary for Farm Production and Conservation 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.”
Read more about the programs here.