Leading player in the hemp industry, Hemp, Inc. has decided to extend its vital support to the US Department of Agriculture’s latest crop insurance option for hemp producers in specific counties of 21 states in 2020.
As of now, Hemp, Inc. focuses on providing industrial hemp and a large number of clear, green sustainable products that industrial hemp supplies worldwide. Hemp products have emerged environment-friendly, healthy and a great substitute for petroleum-based products.
The insurance plan is scheduled to offer Actual Production History or APH coverage under 508 (h) Multi-Peril Crop Insurance (MPCI). MPCI coverage is meant for hemp produced for fiber, grain, and CBD oil for the upcoming crop year, i.e., 2020. The offering will come along with a Whole-Farm Revenue Protection coverage plan that is accessible for hemp producers. It was announced earlier this year.
According to a recent report published earlier this year in June 2019, the hemp industry is expected to witness a whopping growth of $22 billion. The industry will grow from present $4.6 billion to a massive $26.6 billion by the year 2025. In percentage, the industry will register a compound yearly growth rate of 34 percent during the said period.
Meanwhile, the latest pilot insurance plan will remain available for specific producers in some particular counties. It is also termed as one of the greatest Christmas gifts from the US Department of Agriculture to the hemp farmers in 21 states. This plan was also launched at the right time just before the upcoming crop year, according to Bruce Perlowin, CEO of Hemp, Inc.
The new crop insurance option for hemp growers is a groundbreaking program because it brings hemp closer to other commodity crops and reduces risks for producers,
added Bruce Perlowin.