ICBA to USDA: Accommodate lenders, producers on hemp rule

Jan 30, 2020

Hemp production could introduce a significant new market for U.S. farmers and ranchers, ICBA told the USDA. In a comment letter on the Agricultural Marketing Service’s interim final rule on a hemp production program, ICBA:

  • said it supports financial regulatory agencies' recent decision to not require suspicious activity reports from banks that finance hemp producers,
  • requested that crop insurance cover instances in which producers may have to destroy a hemp crop that exceeds allowable THC levels, and
  • requested a safe harbor for lenders from legal liabilities related to marketing of hemp or related products in the event of unexpected adverse developments.