There are number of pharma companies involved in production of cannabis derivatives, including some public ones with over $1B in market cap (e.g., GW Pharmaceuticals plc / GWPH) but the size of entire "industry" is pretty small for F500 to get involved, and the actual clinical results from cannabis are overhyped by people using the cause of "medical" marijuana to push for legalization of recreational marijuana (as misguided as they might be thinking that they are limiting the government, while in fact "tax and regulate" is actually increases state government's involvement, control and funding - but that's not unexpected from libertarians and potheads)
See U.S. LEGALIZED CANNABIS INDUSTRY ESTIMATED TO BE WORTH OVER $2 BILLION IN 2014 AS LICENSED MEDICAL MARIJUANA OPERATORS GROW EXPONENTIALLY
All this rather than going a pill extracted form for those who truly need it, especially the sub-category variant referred to as "Charlot's Web" which seems to have great potential in seizure disorder related diseases.
Charlotte's Web is a very-low-THC/high-CBD strains of hemp with a great marketing and publicity campaign (and which was stolen from original developer of the strain) but it is only one strain of many no-THC/high-CBD industrial hemp strains, which may be effective for some epilepsy / seizures control. But pharmaceutical grade hemp oil or chewing gum with high CBD and no (or low, <0.02% THC) has never been illegal and can be legally purchased, even by mail, from US and Canadian sources.
Pro-legalization people often deliberately make no distinction between marijuana cannabis and hemp cannabis, because they are interested in high THC, not CBD (and the "higher" the THC content, the better for them, even if 14%+ are equivalent to morphine strength)
In other words, like you said, a lot of these "medical" wonders of marijuana is used a ruse, without any consideration to the damage it will cause. But then again, they urge others to "live in the moment" while the consequences are in the future.
So if government banned all the things it currently taxes and regulates, that would be a move toward smaller government?