The purpose of the article is to present evolutionary foundations for the hemp production development from the beginning of the last century to the present, to identify and assess factors that caused the biggest impact on its development as well as to determine a role of scientific support for the hemp industry development and a place of the Institute of Bast Crops of the NAAS of Ukraine in the creation of unique non-narcotic varieties of industrial hemp and revival of the industry. Research methods. The methodological basis of the study is provisions of economic theory, institutional theory and system analysis. Development stages of the hemp industry were identified using a historical approach and were based on a formal logical analysis. The role of scientific support in the effective cultivation of hemp was determined on basis of analysis and synthesis, as well as abstract logical analysis. Empirical studies of the hemp production process were carried out using comparative, systemic and graphical analysis. Research results. The hemp production processes over the past hundred years on the territory of Ukraine and level of its scientific support were investigated. Formation and development stages of the industrial hemp production were summarized, and factors that had a decisive positive and negative impact on the development of this industry were identified and analysed. It was substantiated a necessity of comprehensive state support for the development of the hemp production, which is not only a raw material for many sectors of the economy, but also an undeniable competitive product in the world market, the “currency” of Ukraine. The importance of scientific support for the development of the hemp industry was emphasized, and role of the Institute of Bast Crops of the National Academy of Agricultural Sciences of Ukraine was determined in the creation of unique hemp varieties, in particular, non-narcotic, as well as varieties of energy and seed usage with a high content of oil substances. Achievements and prospects for further development of the hemp production and processing were determined. Elements of scientific novelty. The author’s vision on the development stages of the hemp industry on the territory of Ukraine was presented and their organizational and economic foundations and features at each stage were characterized. The importance of scientific support in the successful development of production and processing of hemp products was proved. It was confirmed the importance of the Institute of Bast Crops of the NAAS of Ukraine and its scientists in confirming the development of promising nonnarcotic cannabis varieties of high oil content with the simultaneous maturation of crop plants. Practical significance. In order to revive and revitalize the production of hemp breeding, it is necessary to take into account its features at various stages of historical development. It is important to strengthen state support for the development of the hemp industry and improve the institutional environment for the cultivation and development of advanced processing of hemp in Ukraine. Efficient hemp production is possible only if it is based on sound scientific support: usage of the latest hemp varieties and modern technologies in their cultivation and processing. Tabl.: 1. Figs.: 2. Refs.: 11