WASHINGTON, D.C. (NMB) – USDA’s Risk Management Agency has announced a new crop insurance option for hemp growers in select counties of 21 states in 2020, including Montana.
A press release states the pilot insurance program will provide Actual Production History coverage under the Multi-Peril Crop Insurance for eligible producers.
This coverage is for hemp grown for fiber, grain or CBD oil for the 2020 crop year, and is in addition to Whole-Farm Revenue Protection coverage.
To be eligible for the MPCI pilot program, a hemp producer must comply with applicable state, tribal or federal regulations for hemp production, have at least one year of history producing the crop, and have a contract for the sale of the insured hemp. They must also be part of Section 7606 state or university research pilot or be licensed under a program approved under the USDA Agricultural Marketing Service interim final rule issued in Oct. 2019.
Beginning with the 2021 crop year, hemp will be insurable under the Nursery crop insurance program and the Nursery Value Select pilot crop insurance program.
More information on the MPCI pilot will be available later this year.
