USDA Announces Final Rule Regulating Commercial Hemp Production

WASHINGTON, DC – Just last week, USDA published a final rule regulating the production of commercial hemp in the United States. The final rule incorporates modifications to regulations established under the interim final rule (IFR) published in October 2019 and is based on public comments and lessons learned during the 2020 growing season. The final rule will be effective on March 22, 2021. Key provisions of the final rule include licensing requirements; recordkeeping requirements for maintaining information about the land where hemp is produced; procedures for testing the THC concentration levels for hemp; procedures for disposing of non-compliant plants; compliance provisions; and procedures for handling violations. In an October comment letter, the Independent Community Bankers Association (ICBA) said hemp production could introduce a significant new market for U.S. farmers and ranchers if the regulatory framework helps producers and lenders with production and marketing while ensuring adequate risk management tools are available.
(SOURCE: All Ag News)