It appears that Colorado is the first US state to legalize industrial hemp. That is, since hemp prohibition started over 70 years ago. An Activist Post article:
Amendment 64 legalizes the personal use, possession, and limited home-growing of marijuana legal for adults 21 years of age and older; establishes a system in which marijuana is regulated and taxed similarly to alcohol; and allows for the cultivation, processing, and sale of industrial hemp.
While there are likely to be a tug of war between states rights and the federal government, this legislation along with marijuana legislation in Washington state is indication that this insane prohibition is finally coming to an end. Colorado expects this change to create jobs related to the use of industrial hemp.
Hemp has a lot of advantages over other materials for clothing and many other things. Hemp cloth is more durable than cotton for example and using hemp over systhetics decreases the use of petroleum. While what has happened is primarily politics, it is just politics which has prevented the creation of a hemp industry in Central America. (You can, for example, buy help cloth from China.)
Nicaragua already has a clothing industry. It also has a lot of land that would be suitable for growning hemp. As hemp is an annual crop, with little investment and not much elapsed time, a new industry could be created in Nicaragua which is labor-intensive, takes advantage of existing infrastructure and could be a significant export crop.
It is just going to take some political leadership in Nicaragua, and in the region, to move forward.