But hemp, the varieties with lower THC levels, can be used for a variety of products including hemp seed foods, hemp oil, wax, resin, rope, cloth, pulp, paper, and fuel. In fact, there is a long history of using hemp for making fiber and paper.
As for nutrition (as per Wikipedia)
Approximately 44% of the weight of hempseed is edible oils, containing about 80% essential fatty acids (EFAs); e.g., linoleic acid, omega-6 (LA, 55%), alpha-linolenic acid, omega-3 (ALA, 22%), in addition to gamma-linolenic acid, omega-6 (GLA, 1–4%) and stearidonic acid, omega-3 (SDA, 0–2%). Proteins (including edestin) are the other major component (33%). Hempseed's amino acid profile is "complete" when compared to more common sources of proteins such as meat, milk, eggs and soy.[11] Hemp protein contains all nutritionally significant amino acids, including the 9 essential ones[12] adult bodies cannot produce. Proteins are considered complete when they contain all the essential amino acids in sufficient quantities and ratios to meet the body's needs. The proportions of linoleic acid and alpha-linolenic acid in one tablespoon (15 ml) per day of hemp oil easily provides human daily requirements for EFAs.
A Canadian firm has taken a lead in moving the hemp hearts, a highly nutritive component into the US. According to the Bloomberg article below, the company is looking to triple its production to meet the increasing demand.
Bloomburg BusinessWeek
http://www.businessweek.com/articles/2014-05-22/hemp-lands-in-supermarkets-sheds-its-stoner-stigma
Hemp Enters the Mainstream
By Matthew Boyle May 22, 2014
The sachets of hemp hearts on the shelves at Costco (COST), Safeway (SWY), and Whole Foods Market (WFM) are Mike Fata’s last laugh. The founder of Manitoba Harvest has spent the past decade working to transform hemp—a variety of cannabis—from the butt of weedy jokes into a supermarket staple. Fata’s investors are particularly happy about the mass-market breakthrough. “Our customers are bright enough to know that it does not have dope in it if Costco’s selling it,” says Jim Taylor, a founding partner of Avrio Capital, a Calgary-based venture capital company that was one of Manitoba Harvest’s early backers.
Looser cultivation restrictions and the food industry’s hunger for produce that packs a protein punch have helped distance hemp from its more notorious relative. Hemp contains less than 0.5 percent of the mind-bending compound tetrahydrocannabinol, or THC, that gives marijuana its potency. Earlier this year the U.S. government finally recognized hemp as distinct from cannabis. A federal ban on commercial cultivation, however, is still in force.