"We’re looking at this as an energy crop," Ford said. His company, which is planning to build energy plants to process biofuels, has looked at sweet sorghum but doesn’t think the yield would be profitable enough. Instead, he has turned to hybrid sugar beets, which will give him sugars that can be turned into ethanol, plastics and flavorings.

But the advantages from hemp would be exponentially greater, Ford said, because hemp oil from seeds could be used for aviation fuel and biodiesel. Other parts of the plant — such as the "hurds" from the woody middle of the stalk — could be used for cellulosic ethanol.

[…]

All the technology exists, said Katherine Andrews, a biochemist who is consulting with Ford on his project.

The renewable-fuel standards — including a push by the Navy for a "green fleet" with at least half of its fuel from non-petroleum sources by 2020 — give Kentucky a window of opportunity to get into biofuels, she said.

Read more here: http://www.kentucky.com/2013/02/26/2532443/hemp-has-untapped-market-in-biofuels.html#storylink=cpy
Read more here: http://www.kentucky.com/2013/02/26/2532443/hemp-has-untapped-market-in-biofuels.html#storylink=cpy