The passage of the 2014 and 2018 Farm Bills generated unprecedented enthusiasm in the U.S. hemp industry. We conduct a comprehensive assessment to identify the challenges and opportunities of this growing industry. The findings indicate that although there is considerable enthusiasm for the hemp industry, there are many challenges that the industry needs to overcome to survive and establish itself. It will require a concerted effort to mitigate the risk and grow the industry. We point out some specific actions that would be helpful for the development of the U.S. hemp industry.