Hemp Inc (HEMP)

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USDA: Hemp Qualifies for Federal Crop Insurance

Thu / Aug 29th TG Branfalt

Hemp farmers can file for federal crop insurance under a new directive from the United States Department of Agriculture.

The U.S. Department of Agriculture has announced that hemp cultivated for fiber, flower, or seeds is now eligible for federal crop insurance. Hemp farmers eligible under the program can insure plants with revenues up to $8.5 million.

To be eligible, farmers must be compliant under their state and federal regulations and “hemp having THC above the compliance level will not constitute an insurable cause of loss,” the release states.

It’s the latest move by the USDA following the 2018 legalization of hemp federally via the Farm Bill. In May, the agency issued its first organic certification for a hemp flower product; although the agency had certified other hemp products in the past, such as Food and Drug Administration-approved hemp food products.

The following month, the USDA released guidance for importing hemp seeds, which previously required Drug Enforcement Administration approval.

Following the passage of the Farm Bill, states could enact their own hemp cultivation program but those must first be approved by the USDA to take effect; the agency has, so far, not approved any of the state-approved plans but the agency notes in the release that those regulations are expected later this year.

Source: https://www.ganjapreneur.com/usda-hemp-qualifies-for-federal-crop-insurance/