National Industrial Hemp Council (NIHC), a national hemp trade group, announced that it has entered into a deal with the US Department of Agriculture (USDA) to support US hemp cooperatives in finding an international market.
The USDA Foreign Agricultural Service has signed a one-year cost-sharing agreement with the national trade group and individual companies.
The deal will see USDA issue a $200,000 token geared towards promoting US hemp productions abroad through marketing and research, especially in Asia and Europe.
Kevin Latner, senior vice president for trade and member of USDA’s Agricultural Technical Advisory Committee, said the agreement is an opportunity to be part of the international market competition, being one of the top global agricultural countries. Mr. Latner is also the US trade representative and advisor to the US Secretary of Agriculture.
NIHC is made up of a group of international, federal, state, and private industry experts. A member-supported organization led by board chairman Patrick Atagi, President and CEO of DA farms. He served in the George W. Bush administration as the Deputy Director of Intergovernmental Affairs for the USDA.
NIHC’s mission is to support market growth and development by assisting its members in penetrating the hemp industry and offering consumer education on industrial hemp.
The group’s operations are facilitated by its members with a range of between $60 for consumer advocates to $30,000 for cooperatives with an estimated $10 million turnover.
The deal, which is set to be finalized this week, requires NIHC to make a minimum of 10 percent contribution to match the funds it receives. At the same time, The Food Export Association of Midwest USA, a nonprofit organization that promotes food and agricultural products, will disburse the funding to selected individual companies.
NIHC said they would support hemp companies who receive funding to find markets abroad. Funds received will be used to finance trips to international exhibitions and similar events to promote their products. They plan to use a 50-5cost-sharing strategy with individual companies to achieve this objective