The article examines: brief information about hemp cultivation and its origin, the current state of cultivation of industrial hemp in Ukraine and identification of opportunities for improvement; the experience of the EU countries and the obligations of Ukraine; principles of the United Nations (UN) conference; horizons of legalization and deregulation of hemp cultivation in the legislative field of Ukraine; key principles of the development of modern hemp cultivation in Ukraine and their verification. The basic components of the strategy for the production, processing and use of industrial hemp in Ukraine should include: expanded information policy, accelerated development of regulatory and institutional foundations for supporting the exploitation of all parts of industrial hemp, ensuring sustainable development of the industry, flexibility of the industrial strategy and improvement of the policy of stimulating the industry.