The production of industrial hemp (Cannabis sativa L.) has expanded recently in the US. Limited agronomic knowledge and supply chain issues, however, stemming from a long-standing cultivation ban, pose a barrier to continued market expansion of hemp, which leads to the import of most hemp products. This review examines the most recent cultivation methods, fertilizer and nutrient requirements, soil management practices, environmental parameters, and post-harvest processing methods, particularly in the context of environmental benefits such as soil phytoremediation and CO2 sequestration. Details of the valorization of hemp biomass into sustainable products, such as fibers, papers, packaging, textiles, biocomposites, biofuels, biochar, and bioplastics, along with current limitations and scope for improvements, are explored. Finally, an overall summary of the life cycle and techno-economic analysis aimed at optimizing their environmental performance and economic feasibility are discussed with a focus on inter with the growing circular economy paradigm.