A new report by the United Nations Conference on Trade and Development (UNCTAD) emphasizes the significant economic, environmental, and social potential of hemp, offering a range of opportunities for developing countries. Hemp, a versatile and sustainable plant, requires less water than cotton, absorbs more carbon dioxide per hectare, and can be used in various industries, including food, textiles, biofuels, and construction materials. The global hemp market is projected to reach $18.6 billion by 2027, presenting a promising avenue for economic growth. However, the report highlights the need for clarifying hemp’s legal status, as well as promoting regional cooperation, establishing sustainable value chains, and defining quality standards to leverage the full potential of hemp cultivation. By embracing hemp, developing countries can create sustainable production chains, boost rural economies, and contribute to both environmental conservation and economic diversification.