Hemp can be used to make everything from clothing, to foods, to building materials. It is a different plant than the marijuana grown for its intoxicating properties and does not yield them when smoked.  It can even be formed into a material to make auto bodies.  The timidity of the legislature in delaying this for decades should give all of us pause though.  
As for marijuana, a new initiative to legalize it in California will appear on the November ballot. This is very likely to pass.  By waiting Hawaii is going to be behind the curve on creating a multi-billion dollar agricultural crop of the intoxicating strain.  With polls showing 70% support for legalization here, our legislature wouldn't even hear a bill on this in 2016.