This chapter addresses an early view on the supply chain for industrial hemp (hemp) under the crop’s new global legalization. The chapter begins with a brief history of hemp supply chains and recent policy changes in the United States (U.S.) that legalized production and the development and commercialization of new products. This is followed by an introduction to production-processing of the three market classes of hemp materials and products: chemical, grain, and fiber. The chapter then goes on to explain the value chain-analysis and technology road-mapping approaches to understanding value creation in supply chains and production network development. The chapter describes how value chain analysis helps to identify gaps and opportunities for companies and policy makers in designing policies and investment incentives to nurture the scaling of hemp-based industries. The chapter also provides examples of innovation opportunities and policy and business development implications.