I use hempseed oil in my hippie soap line and have no problems with it. BUT....I store it in the freezer at all times and add ROE to the bottle as soon as it arrives. I also use EDTA in my batches so that helps. Once it arrives on my doorstep it only comes out of the freezer when I'm measuring it out for a soap batch.
I just went to my freezer to sniff it and it's fine. I don't really smell anything so I suspect yours left the supplier's warehouse on the old/rancid side. If they don't store it properly or don't sell it quick enough that can happen. I suggest you contact the supplier and ask if they'll replace it for you.
ETA: I have a few hippie bars left from about 2 years ago and they look and smell fine. My typical usage rate is 15%.