Cannabis sativais an extraordinarily versatile species. Hemp and its cousin marijuana, bothC. sativa, have been used for millennia as a source of fibre, oil, and for medicinal, spiritual, and recreational purposes. Because the consumption ofCannabiscan have psychoactive effects, the plant has been widely banned throughout the last century. In the past decade, evidence of its medicinal properties did lead to the relaxation of legislation in many countries around the world. Consequently, the genetics and development ofCannabisas well asCannabis‐derived products are the subject of renewed attention.Here, we review the biology ofC. sativa,including recent insights from taxonomy, morphology, and genomics, with an emphasis on the genetics of cannabinoid synthesis. Because the femaleCannabisflower is of special interest as the site of cannabinoid synthesis, we explore flower development, flowering time well as the species' unique sex determination system in detail.Furthermore, we outline the tremendous medicinal, engineering, and environmental opportunities thatCannabisbears. Together, the picture emerges that our understanding ofCannabisbiology currently progresses at an unusual speed. A future challenge will be to preserve the multi‐purpose nature ofCannabis, and to harness its medicinal properties and sustainability advantages simultaneously.