Medical utility is obvious (and has been for over a decade). The most concentrated work on `marijuana' is being done by
Prof. Raphael Mechoulam in Israel (primarily on development of synthetics that impact our own endocannabinoid receptors).
http://pharmacy.huji.ac.il/eng/staff_win.asp?id=66#1
A link to some specific research and findings: http://www.eurekalert.org/pub_releases/2007-10/econ-tef101207.php
Prof. Raphael Mechoulam in Israel (primarily on development of synthetics that impact our own endocannabinoid receptors).
http://pharmacy.huji.ac.il/eng/staff_win.asp?id=66#1
A link to some specific research and findings: http://www.eurekalert.org/pub_releases/2007-10/econ-tef101207.php