Personally, i don't see how it's so hard to believe that cannabis smokers aren't at increased risk for cancer for a few reasons.
1. THC has been demonstrated to have an anticancer and anti-inflammatory effect. It's also documented that smoking THC is an effective way to deliver it to the blood (and the rest of the body because THC is so fat soluble).
2. The average cannabis flower contains a higher density of psychoactive compounds than tobacco does. A cigarette has about 10 to 12mg of nicotine in it (at 800mg a cigarette, makes it about 1%), and the smoker absorbs about 1-2mg. Cannabis is typically around 8-10% THC, and much less is destroyed in the smoking process. (greater absorption)
3. People don't, in general, chain smoke marijuana like they do cigarettes. When they do smoke marijuana, they smoke less weight to get intoxicated. The average consumer these days doesn't smoke 20 joints a day of ditch weed, every day, either.
4. THC is not a vasoconstrictor - doesn't increase COPD risk.
5. The cannabis plant isn't generally smoke-cured or otherwise subject to processes that increase its carcinogenicity.
Also, to settle the the 'TAR" debate -
So that makes cannabis smoke between 50% and 70% tar (non-THC compounds) Sounds ominous.
Tobacco smoke is between 6-10% nicotine, or more than
90% not nicotine, aka tar.... In comparison, cannabis smoke is a walk in the park...
Better chart:
Sources:
http://www.erowid.org/plants/tobacco/tobacco_nic.shtml
Cannabis Smoke Condensate I: The Effect of Different Preparation Methods on Tetrahydrocannabinol Levels
F. Van der Kooy, B. Pomahacova, and R. Verpoorte
Inhalation Toxicology, 20:801–804, 2008