Interesting you should bring up these points because I just finished a detailed report on this subject (though not within the context of pro wrestling).
Weed should not be up for prescription and it definitely shouldn't be used in wrestling. There are too many risks associated with cannabis such as; if you smoke weed, you are 5 times more susceptible to lung cancer,your reactions are slow, your blood pressure will increase and cannabis is also related with psychosis and depression.
Yes marijuana contains carcinogens and studies have been made linking marijuana to cancer, but the "5 time more likely" part is abjectly false. There have been no reports of cancer solely attributed to marijuana usage and a report given to the American Thoracic Society in 2006 stated that even heavier marijuana smokers were not found to have a substantially increased risk of cancer.
Reactions are slower, but I pretty sure the original poster didn't say smoke a doob then work a match.
You state the blood pressure thing like it's a fact, however, this is much debate to this issue. It is generally held that marijuana causes a moderate increase in blood pressure when first smoked, then actually causes a decrease over time. The controversy started with an organization called the National Institute on Drug Abuse that did a study which concluded marijuana constricts blood vessels in a way that mimics cardiovascular disease. However, scientists have noted there needs to be more research on the topic to prove that definitively, which are difficult to conduct due to marijuana's illegality and difficulty to obtain for purposes of study.
Marijuana does damage short-term memory, but thus far there has been little to know actual scientific evidence that causes profound psychological damage. Some people can't smoke because it makes them paranoid and anxious. Really the worst mental disorder that can be linked to marijuana is toxic shock psychosis, which is very rare and generally occurs when marijuana has been eaten, not smoked.
Basically I do think marijuana should be legalized. I think it helps a lot of people and , though many like to harp on the negative side effects (both real and imagined) there are very few drugs that don't have the chance of negative (and in some cases, possibly fatal) side effects.
However, more to the point of the original question-
Despite my beliefs about marijuana and the good I think it can do I won't lie and say I think it would help, at least not substantially. Weed, has been in the business a long time and a lot of guys have smoked it, including many that are no longer with us. What I am trying to get at here is there is no reason to believe that a guy is just going to smoke weed, and not do any pain-killers or anything else. I'm sure some guys would tell you that with the amount of pain they were in weed (even really good lab-grown stuff) wouldn't cut it. I think the drug issues that plague wrestling are not going to be helped by just adding another drug to the list of those available (though, I don't think it would hurt-just not help). To a certain extent, I believe in personal responsibility so I don't think the business can be blamed for everybody's death. However, I think for these death rates to start decreasing the industry needs to work harder at protecting its guys (reduced schedules, greater effort by the industry to educate new guys about the dangers of excessive pain pill use, drug testing systems that are for more than just PR). WWE has made some strides in this area by being willing to pay for guys stays in rehab (even guys like Axl Rotten, who did a Raw, the One Night Stand, then a few no-shows, and who you basically can't even call a former WWE star) which I think is a move in the right direction. Ultimately, though pro wrestling is a game of pain and they can implement my ideas, your ideas, or the next guy's ideas, but eradicating the drug problem from wrestling as a whole will be pretty much impossible.