From Royal College of Psychiatrists website:
Mental health problems
There is growing evidence that people with serious mental illness, including depression and psychosis, are more likely to use cannabis or have used it for long periods of time in the past. Regular use of the drug has appeared to double the risk of developing a psychotic episode or long-term schizophrenia. However, does cannabis cause depression and schizophrenia or do people with these disorders use it as a medication?
Over the past few years, research has strongly suggested that there is a clear link between early cannabis use and later mental health problems in those with a genetic vulnerability - and that there is a particular issue with the use of cannabis by adolescents.
Depression
A study following 1600 Australian school-children, aged 14 to 15 for seven years, found that while children who use cannabis regularly have a significantly higher risk of depression, the opposite was not the case - children who already suffered from depression were not more likely than anyone else to use cannabis. However, adolescents who used cannabis daily were five times more likely to develop depression and anxiety in later life.
Psychoses - schizophrenia and bipolar disorder
There is now sufficient evidence to show that those who use cannabis particularly at a younger age, such as around the age of 15, have a higher than average risk of developing a psychotic illness, such as schizophrenia or bipolar disorder.
These studies also show that the risk is dose-related. In other words, the more cannabis someone used, the more likely they were to develop a psychotic illness. Furthermore, a study in Australia recently showed that those who used cannabis could develop the illness about 2.70 years earlier than those who did not.
Why should teenagers be particularly vulnerable to the use of cannabis? It is thought that this has something to do with brain development. The brain is still developing in the teenage years – up to the age of around 20, in fact. A massive process of ‘neural pruning’ is going on. This is rather like streamlining a tangled jumble of circuits so they can work more effectively. Any experience, or substance, that affects this process has the potential to produce long-term psychological effects.
It is also known that not everyone who uses cannabis, even at a young age, develops a psychotic illness. The available research shows that those who have a family history of a psychotic illness, or those who have certain characteristics such as schizotypal personality, or possibly have certain types of genes, may increase the risk of developing a psychotic illness following the regular use of strong cannabis.