The Muse frontman - who owns a sprawling farm in Devon - wants to transform the land into a factory to make paper and material from the plant.
The millionaire musician says when he eventually stops touring he will also spend his time sheep shearing.
Matt - who is dating Hollywood actress Kate Hudson - said of his farm: "I don`t live there, it`s just land with a couple of jaded barns that need to be renovated. It`s a nice place to camp but my long-term plan is to grow industrial hemp for making paper and material.
"When I stop touring I`m going to hang around there and start shearing sheep."
The 32-year-old musician is already using the land as a sheep farm with a flock of 50 ewes and two rams.
He added to The Sun newspaper: "As we speak, I`m letting the rams loose on the ewes.
"I got the sheep mainly because I`ve got a farm which has a lot of steep hills, so the grass gets out of control unless you get grazing animals in there - and it was too steep for cows.
"I`ve got Dorset Downs sheep - they`re hardy, they can handle the weather."
This is not the first time Matt has spoken about his need for a break from touring, saying he sometimes thinks about living in a tent on his own.
The rocker - who grew up in Devon and is currently touring Australia -said: "I might just live in a tent on my own farm somewhere, isolated with a shotgun.
"It definitely feels like we`ve got to a certain level as a live band - So it could be time to take a break, back off for a bit and see if anybody misses us."