Hemp oil does have a number of uses and is often marketed as a cooking oil or a product that is good for moisturizing the skin. It is also used in the production of certain soaps, shampoos, and foods. It is also a basic ingredient for bio-fuel and even a more sustainable form of plastic. Hemp has been cultivated and used for roughly 10,000 years, and it definitely has useful purposes. However, a lack of cannabinoids, namely CBD, means that it has little therapeutic value.
Whole plant extracts also contain THC, although usually not in a large enough amount to have any psychological effects.  When administered together, CBD, THC, trace cannabinoids as well as terpenes, produce what is known as an entourage effect. This synergistic relationship between cannabinoids, fatty acids and terpenes has been shown to increase the healing properties of each.