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Adverse mood effects can occur, particularly in inexperienced users, after large doses of cannabis. It is sensible not to smoke/eat huge amounts if you are not used to it. Anxiety and paranoia are the most common not-so-great effects involved with cannabis. Others include panic, depression, delusions and hallucinations. These effects normally disappear a few hours after cessation of use and are responsive to reassurance and a supportive environment. The term ‘spinning out’, is often used when someone is not enjoying the effects of cannabis. This usually involves a sense of paranoia and insecurity. Good company and comfortable surroundings can help you over this.

• Web4Health Answer - ‘The Effects of Cannabis on Your mood?’
• The Interaction Between Alcohol and Marijuana
• The Use of Cannabis as a Mood Stabilizer in Bipolar Disorder
• The effects of cannabis on mind and body
  The above is quite a dry, slightly boring site, but its scientific findings are impeccable.