The U.S. Department of Agriculture (USDA) on Thursday announced that it has taken steps to improve insurance policies for hemp businesses, making them more flexible in response to stakeholder feedback. USDA’s Risk Management Agency (RMA) said it is making it so hemp producers are no longer mandated to deliver their crop “without economic value for insurability.” It further amended policy to clarify how the “amount of insurable acreage is determined if the processor contract specifies both an acreage and a production amount.” “This change was made in the policy to ensure producers know how their insurable acreage is determined for those contracts,” the agency said in a press release. RMA Administrator Marcia Bunger said that hemp is “an emerging crop, and we are working with hemp producers to provide insurance options that make sense for producers and for insurance providers.” “RMA has worked to expand and refine our offerings to be responsive and dynamic,” she said. The department also said it has added a requirement for producers who grow hemp directly from seeds that are planted in the ground.
Kyle Jaeger, Marijuana Moment, 12/02/2021 15:56:00