The purpose of the article is to investigate the potential development opportunities of the hemp production in Ukraine and its individual regions on basis of the economic analysis, as well as to prove the need for the state participation in the industry’s revival and to forecast probable sales channels in the world market.

Research methods. The methodological basis of the study is the positions of economic theory and system analysis. Research on the dynamics and structure of production of the hemp production was carried out using the statistical and economic method. The calculation and design method and method of comparison was used for evaluating the current state of management of the economic potential of the hemp industry. The logistic and heuristic method, in particular the method of expert evaluation, were used for evaluating the distribution channels of the hemp production in the domestic and foreign markets. Argumentation of theoretical propositions and conclusions on the prospects for the development of the hemp production in Ukraine was based on the systematic approach and the abstract and logical method.

Research results. The main components of the hemp production potential in Ukraine and Sumska oblast were outlined. It was conducted the analysis of the dynamics of sowing areas, yields and gross gatherings of fibre and seeds of technical hemp, dynamics of consumer prices for hemp production. The necessity of comprehensive state support of the hemp industry was substantiated as a priority direction for providing producers with ecological raw materials and products of deep processing not only in the domestic market, but also in the foreign markets. The role of the Institute of Bast Crops in the creation of unique varieties of technical hemp grown not only in the Woodland, Forest-Steppe and Steppe regions of Ukraine, but also worldwide was determined. 

Elements of scientific novelty. Research made it possible to outline the peculiarities of the hemp production and the problems that hinder its development. The necessity to optimise the normative-legal regulation of functioning of this branch, to continue development and financing of programs for providing enterprises of various organisational and legal management forms of hemp seeds of basic and certified national breeding categories was substantiated. The expediency of investing funds in the construction of factories for the primary processing of technical hemp was proved.

Practical significance. Implementation of the proposed measures will increase the economic potential of the hemp production, and will significantly improve efficiency of manufacturers of the industry. In general, solving the established tasks will help to create jobs in new enterprises for the production and processing of this culture throughout Ukraine.