Industrial hemp (Cannabis sativa L.) offers the United States a unique opportunity to build a novel industry in a sustainable manner from the ground up. The many end uses of industrial hemp are frequently touted by those in the industry, yet very few applications have come to market in the U.S. Those in operation have limited valuable supply chains, especially in textiles and bio-construction, which are among some of its most popularized uses. More research focus in the U.S should be geared toward aiding the development of the fiber industry for these reasons: 1) hemp crops bred for fiber production are technically a multipurpose crop. Many regard the fibers as the main product of a ‘fiber’ variety. However, the hurd, or inner woody core, can also be an economic & sustainable source of raw material. 2) Fiber hemp can provide small farmers a profitable, fast-growing, rotational crop to diversify their income. This also contributes to better soil health when hemp is included in a crop rotation. For the fiber hemp industry to successfully enter a competitive marketplace, a focus on sustainability should be considered for the future. This focus satisfies multiple purposes: 1) Sustainability serves as a marketing tool for products for which many consumers are looking. 2) Much of the sustainability focus is on building local supply chains. Local supply chains lead to local products for which consumers are becoming increasingly aware. This review analyzes how this nascent industry can fulfill the expectations that have been created for it, while providing strategies for furthering the fiber hemp industry value chain in New York State.