Yes yes, the Cannabis plant has a myriad of variety of uses. Henry Ford actually had invented a car in the late 1920's that ran off of Hemp oil as fuel but because other persons profits would have been destroyed, such as in the crude oil industry, prohibition was used to nip it in the bud.
I'm hoping that if Prop 19 passes, that California and then the whole US will take advantage of this extremely useful plant and start once again using it as a main fiber, paper, cloth, oil, medicine or the other hundreds of applications.