Eli Lilly, Parke Davis, etc. Pharmaceutical companies made their first medicines from Cannabis a 100 years ago
An actual bottle of Lloyd Specific Medicine (see label for details) Era 1941  - (Mfg. By Lloyd Brothers Cincinnati Ohio) 

Label reads: Specific Medicines /  CANNABIS. - Absolute Alcohol 74%, LLOYD BROTHERS, CINCINNATI, O.

Below is the actual text on the bottle of Cannabis Tincture and very accurately describes the effects and application. From then to today, it seems not much has changed.

Specific Indications: Nervous depression, tendency to melancholia, with wakefulness. 

Mental illusions or delusions, and forgetfulness.
Uses: To relieve the above conditions, especially if there be pain in the stomach, or distress and discomfort in the pelvic organs especially; frequency of urination, or tenesmus or cystitis.

Dose: R. Sp. Med. Cannabis, gtt. v to 3ss. Water, 3iv.

The range of action of this remedy, although classed as a mild one, is quite wide.  It especially controls gastric pain, and directly influences pain in the pelvis, especially if the specific indications herein given are present. 

There are certain conditions of the brain and nervous system which are directly affected by it.  It is useful in hysterical patients, and in the mild forms of insanity in women, especially if these be due to menstrual irregularities which are the cause of pain. 

It is useful in delirium, with restlessness, after protracted fevers, and in cerebro-spinal meningitis.

In functional disorders of the stomach, with pain, given in conjunction with directly indicated remedies, it is of much value.

It does not suppress secretion or disarrange the functional operations of the gastro-intestinal organs.

Certain erratic pains in the bowels are controlled by it.

It allays abnormal sexual appetite; is given with good results in gonorrhea and controls chordee, priapism and spermatorrhea, and soothes metal anxiety present with these conditions.

It cures strangury, spasmodic stricture, painful urination, burning and scalding in passing urine, and frequent urination.

It is a remedy for insomnia, especially where, during brief sleep, there are unpleasant dreams. (Ed. i.e. Post combat stress disorder etc.)

ANTIDOTE - Emetic of mustard, followed by large draughts of warm water, then strong tea or coffee.

Arouse patient and keep him in motion.

Ed note: We can see that what science knew in the 1930's is reconfirmed today via tentative record collection in California after Prop. 215 and from anecdotal evidence. Cannabis has fallen victim to a greedy Pharmaceutical industry and power hungry politicians and judiciary. Since 70 years mere possession of marijuana can land one in jail (and join the cheap labor force) just because the US Pharmaceutical companies hates competition and loves money. We have a huge pile of money on one hand and a huge pile of bodies on the other, from all the side effects of the pharmaceutical drugs that have tried to fill the void the prohibition of Cannabis left us with. Death is very profitable so it seems. And... a dead patient never complains. Judges, politicians and police hate to give up the additional control they have gained over us via cannabis prohibition. Together they try to keep cannabis illegal in direct violation of a democratic system of government and the right of self determination, our birthright, our right to self medicate and the inalienable rights given to us by God/Allah/Jah.

Note: The Antidote has more to do with the fact that this tincture contains about 74% alcohol and served to prevent death from alcohol poisoning.

Please also read: Long Term Exposure To Cannabis