THC in weed is a drug. It's still harmless and beneficial to health, though. (Just like ethanol in alcoholic beverages is a drug)
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There have been many studies linking it to psychoses, cancer (esp testicular cancer--a study which has not been refuted yet at all), a certain type of brain tumor, withdrawal (officially included in the DSM IV, referred by many to bethe ultimate authority on psychiatric issues),etc. It's not nearly as harmless as ethanol, as current (and past) research is now suggesting.