Industrial hemp is cultivated as a source of fibers and nutrients. Multiple studies demonstrated antimicrobial, anti-proliferative, phytotoxic and insecticide effects of the essential. On the other side, only a few studies explored the potential pharmacological application of polar extracts. In the present study, we investigated the water extract from inflorescences of industrial hemp. The water extract was assayed for antiradical and anti-tyrosinase effects. We explored the extract effects on LPS-induced production of colon serotonin, dopamine, kynurenine pathways and (PG)E2. Anti-proliferative effects were also evaluated against human colon cancer HCT116 cell line. Antimycotic effects were investigated against Trichophyton rubrum, Trichophyton interdigitale, Microsporum gypseum. Finally, in silico studies were conducted in order to predict the putative targets. Hemp water extract was able to blunt LPS-induced reduction of serotonin and increase of dopamine and kynurenine turnover. Additionally, the reduction of PGE2 levels was observed as well. The extract inhibited the HCT116 cell viability, the growth of T. rubrum and T. interdigitale and the activity of tyrosinase, whereas docking studies highlighted the inhibitions of cyclooxygenase-1, carbonic anhydrase IX, and lanosterol 14-α-demethylase. The present findings suggest female inflorescences from industrial hemp as high quality by-products, thus representing promising sources of nutraceuticals and cosmeceuticals .