Industrial Hemp Water Rights Act This bill specifies that the owner of an absolute or conditional water right (including a federally recognized tribe), or an entity that receives or distributes water contracted from the federal government, may, pursuant to applicable water law, use or sell the water for the cultivation of industrial hemp if the growth or cultivation of industrial hemp is otherwise authorized under the laws of the state or tribe in which the use occurs. The bill applies regardless of whether the water has passed through a federal water project.