Managing Risks in Hemp Production: Contract Development and Crop Insurance Decisions

The overall scope of work is to develop a consistent hemp production contract and the development of tools to be utilized by hemp producers making hemp crop insurance decisions. Specifically at the University of Kentucky we will be evaluating the various crop insurance options available to producers considering the production of hemp. This includes Private, Whole Farm Revenue Program, NAP, and Actual Production History forms of crop insurance. economic feasibility assessment for adopting precision agriculture technologies (e.g. robotics and aerial imaging) in root crop production and disseminating the results to stakeholder through Extension and other outreach activities. The specific objectives would include: (1) Review of the current legal landscape, economic and crop insurance tools in IA, KY, MD, and TN; (2) Impact on legislation and policy; (3) Assessment of the needs of farmers and processors; (4) Development of Stakeholder Resources through field days, enterprise budgets, extension publications, annual Hemp Grower Conferences and regional crops conferences. The University of Kentucky and the co-investigators listed above are uniquely qualified with backgrounds in hemp research and extension, evaluating the economics of hemp production. Key deliverables the overall economic assessment, enterprise budget, extension publication, and economic presentations at field days, conferences, and other outreach events.