It's claimed farmers could earn an income of up to 10,000 euro per acre, if the government developed a hemp fibre industry.
A consultation process is underway on the potential for such a sector.
Currently the growth of hemp is heavily regulated in Ireland.
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Supporters say it lowers carbon emissions and shortens supply chains in certain industries.
Kerry farmer Kate Carmody from Hemp Cooperative Ireland says it would be a win-win situation for the country.
