Colorado just saved the world.  In legalizing pot, they also legalized  hemp farming.

The benefits are huge, and Bubba from Forrest Gump would have a longer list of uses for it, than he did for shrimp.

for me, the most important ones:

Plastic. 

If you haven't seen the video of Henry ford hitting a car made of hemp plastic with a sledge hammer, here ya go:

http://www.youtube.com/watch?v=4rgDyEO_8cI

Biodiesel

Hemp seed oil plus 15% methanol makes a biodiesel that burns 70% cleaner than petroleum diesel.

These two  replace petroleum products and corn products.  That's hugely important.

Paper

One acre of hemp=four acres of trees in terms of pulp.

Good for the soil

makes a good rotation crop, roots grow deep, leaving the soil nice for other crops, doesn't deplete the soil.  It can grow everywhere and it's ready to harvest in four months.

http://www.votehemp.com/PDF/newhempr.pdf

Good for the economy

It's a $400 million industry now -all imported- and growing at an estimated 10% per year.  That could all be home grown, and it has huge growth potential

It's also food: high in protein, fiber and Omega-3 / Omega-6 fatty acids.  It's rope, it's clothing, it's lip balm, it's particle board that is a good insulator and is fire/water resistant......It's a travesty that it was outlawed when Marijuana was.