An American manufacturer of hemp-derived ingredients has revealed a new program for hemp farmers.
EcoGen Biosciences on Wednesday announced the launch of its Plant Now, Pay Later program.
The company says the program gives farmers affordable access to cannabidiol-rich (CBD) hemp genetics without having to pay right away.
According to EcoGen, the program allows farmers to mitigate many of the risks that they face, such as “deleting their capital upfront.”
Choice of Options
The new program offers three payment options for exclusive hemp genetics at rates that EcoGen says are competitively scaled.
The first option allows farmers to receive a discount on their purchased seeds if they pay upfront.
Farmers can also purchase seeds at the standardized price if they pay by December 2021, after the harvest.
The third option lets hemp farmers use qualified biomass as payment after harvest.
According to EcoGen, the program gives farmers the latitude to invest more into their farming operations before the harvest.
EcoGen President Garrett Bain says that relationships within the supply chain need to evolve as the market prices and demand for hemp do.
“As a fully integrated hemp company, with operations in genetics, cultivation, extraction, and finished goods, EcoGen has a unique opportunity to mitigate risks for fellow hemp industry members,” says Bain. “We understand and appreciate that farmers rely on our specialized genetics in order to successfully grow first rate, sellable crops. We believe in our genetics so much that we are willing to take the risk on the front end, let our farmers grow with our seeds and either pay after harvest, or provide the biomass as payment for the cost of the seeds.”
Bain says the model is a win-win for customers and that EcoGen is proud to support the hemp industry with the program.
Head of Global Sales and Marketing at EcoGen, Andrei McQuillin says the company foresees many, if not all, new hemp farming partners taking advantage of the new program.
“As we further develop the ethos of our company, we know that we are grounded in the belief that all business dealings should be both mutually beneficial and not damaging to the world around us. And we also stand to make a positive impact on the industry as a whole,” says McQuillan. “This program is the first of many embodiments of this ethos, and we hope that those on the frontlines of growing hemp not only utilize the program, but that it enables them the most success in this year’s harvest as possible.”
EcoGen says that the Plant Now, Pay Later program allows hemp farmers to focus financial resources on growing and processing without the financial burden of acquiring hemp seeds for cultivation.