Brian Knight,
The R-value of hempcrete is around R2/inch, and sometimes higher, but there is also the thermal mass and heat capacity which leads to a 12 hour or more phase change of temps from outside to inside and vice-versa. The hempcrete builders in England say that their homes will stay at a pretty steady 65F whether hot or cold outside with a 12" thick wall, once the roof, windows and doors are in.
As for air transpiration, the right hempcrete will be dense enough to slow that down, and with s good render on at least one side, it acts as an air barrier and traps the pockets of air inside. It works very well when done with the right details.