The National Industrial Hemp Council (NIHC) and The Hemp Industries Association® (HIA®) introduced at the moment they’ve entered into an settlement to work collectively to discover the creation of a advertising checkoff program to promote hemp.

USDA checkoff programs search to promote farm commodities and increase market alternative for farmers, importers, and trade stakeholders. Funded by assessments on the produced commodity on the first level of sale; checkoff packages enable producers of commodities to pool assets for analysis, training, and promotion efforts that may increase gross sales and enhance manufacturing efficiencies.

Currently, USDA Agriculture Marketing Service (AMS) oversees 23 checkoff packages for varied commodities starting from cotton to pork to Christmas bushes.  A research in 2018 by Texas A&M discovered that the prevailing 23 checkoffs had a return on funding for farmers and ranchers starting from three to seventeen {dollars} in worth that got here again to the producers for each checkoff greenback invested.

“Today is another step forward in the right direction for hemp farmers and consumers of hemp-related products,” mentioned Patrick Atagi, Board Chairman of the National Industrial Hemp Council. “A checkoff program further legitimizes a rapidly growing industry and will help hemp farmers compete on a level playing field with producers of other agricultural-related commodities.”

“The HIA continues to focus on building the hemp economy and bringing industries together, beginning with hemp farming,” mentioned Rick Trojan, President of The Hemp Industries Association. “This first-of-its-kind agreement with NIHC creates a focus on gathering data and distributing education as hemp cultivation expands nationally.  It’s through these types of collaborations that we learn together and establish a solid foundation for hemp today, and over the next decade.”

The manufacturing of hemp was made authorized by the 2018 Farm Bill handed by Congress and signed into legislation by President Trump. The passage of that landmark laws legalizing hemp and the commodity later being faraway from the record of managed substances has seen trade revenues proceed to develop.

In 2020, the USDA estimates that hemp producers will enhance gross sales by $25.5 million. The Department expects gross sales to enhance to $64.5 million in 2021 and to prime $100 million within the 12 months 2022.

The NIHC and HIA anticipate to type a working group with representatives from throughout the trade that might talk about the small print of how a hemp checkoff can be structured and function.  The effort of the working group would information the event of a proposal to submit to the USDA that may embrace an trade evaluation; justification for the program; program goals; and the impression on small companies.

For media inquiries to the NIHC, please contact Larry Farnsworth of Gavel Public Affairs at lfarnsworth@gavelpa.com. For media inquiries to the HIA, please contact Robert Hamm of Hannibal Creative at robert@hannibalcreative.com.

SOURCE National Industrial Hemp Council

https://www.prnewswire.com/news-releases/hemp-industries-association-and-national-industrial-hemp-council-enter-agreement-to-push-checkoff-program-to-market-hemp-301087232.html

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