2021 AgDay

CIRB Hemp Perspectives

Cindy Zimmerman

One of the most timely sessions at the Crop Insurance and Reinsurance Bureau annual meeting last week was Hemp Perspectives, moderated by CIRB Executive VP Michael Torrey.

The session offered a look at the volatile world of the new U.S. hemp industry through the eyes of a processor, a farmer and an insurance provider.

Steve Bevan, president of GenCanna Global, which just filed for Chapter 11 bankruptcy this month, gave the perspective of a major CBD oil processor impacted by the evolving market which is now in an oversupply situation.

Processor Perspective - Steve Bevan, GenCanna Global (25:13)

USDA recently announced the availability of a pilot hemp insurance program through Multi-Peril Crop Insurance (MPCI) and the Noninsured Crop Disaster Assistance Program (NAP) coverage.

The Federal Crop Insurance Corporation (FCIC) Board of Directors approved the Hemp Actual Production History (APH) Multi-Peril Crop Insurance (MPCI) that was developed by AgriLogic Consulting’s AgVersity analytical team. Clif Parks of AgriLogic talked about the current market conditions and the challenges of putting together a crop insurance program for hemp.

Insurance Perspective - Clif Parks, AgriLogic (39:53)

The farmer perspective came from Ron Conyea of Conyea Farms in Kentucky who grows hemp as a rotational crop with corn and tobacco.

He talked about the benefits of hemp farming as an alternative to tobacco and the frustration of regulatory uncertainty.

Farmer Perspective - Ron Conyea, Conyea Farms (19:07)

Interview with Ron Conyea, Conyea Farms
Interview with Ron Conyea (5:51)

Audio, Cannabis, CIRB, Crop Insurance, hemp