Biogenic synthesis of gold (Au), silver (Ag) and bimetallic alloy Au–Ag nanoparticles (NPs) from aqueous solutions using Cannabis sativa as reducing and stabilising agent has been presented in this report. Formation of NPs was monitored using UV–visible spectroscopy. Morphology of the synthesised metallic and bimetallic NPs was investigated using X‐ray diffraction and scanning electron microscopy. Elemental composition and the surface chemical state of NPs were confirmed by energy dispersive X‐ray spectroscopy analysis. Fourier transform‐infrared spectroscopy was utilised to identify the possible biomolecules responsible for the reduction and stabilisation of the NPs. Biological applicability of biosynthesised NPs was tested against five bacterial strains namely Klebsiella pneumonia, Bacillus subtilis (B. subtilis), Escherichia coli, Staphylococcus aureus and Pseudomonas aeruginosa (P. aeruginosa) and Leishmania major promastigotes. The results showed considerable antibacterial and anti‐leishmanial activity. The Au–Ag bimetallic NPs showed improved antibacterial activity against B. subtilis and P. aeruginosa as compared to Au and Ag alone, while maximum anti‐leishmanial activity was observed at 250 μg ml⁻¹ NP concentration. These results suggest that biosynthesised NPs can be used as potent antibiotic and anti‐leishmanial agents.