Abstract: The Cannabis industry is not a new feature in world markets. Its existence has been noted in history dating back several thousand years before the start of the Common Era. In the past century however, this industry has been one of controversy and ongoing legal battles and debates. The recent growth of legitimate cannabis markets suggests that the cultivation of the plant has the potential to provide a significant boost to the economy. This paper deals with the cost and profit potentials associated with the cultivation of industrial hemp. An assessment of the worldwide hemp markets suggests a potential for a new market for Indiana farmers as an alternative to current practices. Using data collected from various studies done by national agriculture organizations of several countries, the research will present an estimated balance sheet for an average sized Indiana hemp grower. The results suggest that a high yield will be required to provide an economic incentive for farmers to introduce hemp into their agriculture practices. The current state of the industrial hemp industry will make it difficult for large scale farms to have incentives to switch production. However, additional investment and research could lead to a competitive alternative to current products in various industries.