This literature review paper explores the potential sustainable applications of industrial hemp, contextualizing it within the UN Agenda 2030 Sustainable Development Goals (SDGs). Hemp is a dioecious, herbaceous, anemophilous (wind-pollinated) annual crop that grows from one to five meters in height. However, monoecious varieties have been developed through breeding and selection. Historically versatile, Cannabis sativa L. has faced stigmatization and unfounded prohibitions, having played crucial roles in different civilizations, including during World War I. A member of the Cannabaceae family, it is a versatile non-psychoactive crop, with low concentrations of THC. Recently, the global market for hemp has grown. It is an eco-friendly option in the food, textile, pharmaceutical, and energy sectors. This study is based on bibliographic research covering primary and secondary sources, including technical reports, academic journals, and scientific repositories. The origin, characteristics and cultivation methods of industrial hemp are discussed, besides its practical applications, including the production of fibers, health food grains, medicinal phytocannabinoids, biofuels, sustainable biomass energy, and carbon offsetting. Its potential to contribute to sustainable agriculture and achieve SDG targets stands out, considering environmental benefits, product diversification, resistance, and integration into agroforestry systems. Regenerative agriculture is explored as a promising approach, aligned with the principles of sustainable agriculture and the SDGs, aiming to restore agricultural ecosystems, promote soil health, and improve climate resilience. The research highlights the importance of reforming cannabis-related policies to achieve goals relating to health, justice, and global partnerships, emphasizing the need for sustainable approaches to exploiting this natural resource.