Particle boards are commonly manufactured from wood-based material bound with a thermosetting adhesive based on the reaction of formaldehyde with phenol, urea, melamine, or co-condensates. The use of formaldehyde is a cause for concern due to its harmful emissions. This study investigates the use of an alternative binder combined with particles derived from a short-cycle crop as an alternative to timber derived particles. A low density particle board was developed using hemp shiv as an aggregate with a binder made with crude glycerol, derived from the waste stream of the bio-diesel industry, esterified with citric acid under heat activation. This board was characterized and found to have good mechanical properties, low thermal conductivity, and good moisture buffering. Dimensional stability was compromised by swelling when exposed to water, but it will be possible to address this shortcoming using hydrophobic additives. The acoustic properties of the board were also found to be excellent, showing potential for use as a thermally insulating acoustic separator for internal walls.