REDWOOD FALLS, Minn. (KEYC) - A new group in Minnesota that attended Farmfest Wednesday hopes to assist those interested in industrial hemp with public policy issues for everyone from producers to lenders.
The latest farm bill opened doors for industrial hemp, making it a new commodity and the Minnesota Industrial Hemp Association hopes to steer those interested in the right direction.
The industry is pushing for more federal regulation due to policies and challenges at the bank.
“We just want to make sure. I want to caution farmers to take that innovation they’ve always done and do what fits for their operation and make sure they have those relationships in place and that they’ve done their homework and, like I said, by that time, hopefully have their crop insurance program that needs to be developed for industrial hemp,” said Minnesota Industrial Hemp Association President Dave Ladd.
That same day at Farmfest, Congressman Collin Peterson stressed concerns that if farmers jump into the industry too fast, the market will collapse.
“We don’t have any processing for the fiber part of hemp in the United States, we have none. The CBD market is out there and it’s pretty lucrative, but if everybody grows hemp that’s talking about it, you will collapse that market and screw that up. People need to slow down, this could be the Jerusalem artichokes of our generation,” said Rep. Collin Peterson, U.S. House Ag Committee Chair.
Ladd also stressed that those interested should take their time to be sure that what could be a lucrative industry, doesn’t collapse in on itself.