Industrial hemp seed meal (HPM) containing ~37% protein content was digested with carbohydrases and a phytase. The digest was then passed through a 10 kDa ultrafiltration membrane and the retentate freeze-dried as the membrane protein concentrate (mHPC), which had 74% protein content. Protein digestibility (89%) was significantly (P < 0.05) higher than the ~85% obtained for HPM, traditional isoelectric protein isolate (iHPI), and a commercial protein concentrate (cHPC). The mHPC also had significantly (P < 0.05) higher protein solubility than other hemp products in the pH 3–9 range with a minimum of 76% at pH 4.0. In contrast the HPM and iHPI had < 25% maximum protein solubility. Foaming capacity was highest for mHPC (55–98%) when compared to 10–70% for the other protein products. However, mHPC and cHPC emulsions had bigger oil droplet sizes (4.5–15.5 μm) when compared with < 1 μm for HPM and iHPI emulsions.