http://norml.org/index.cfm?Group_ID=5450
See link above for a review of available literature. If you are lazy -
“Cannabis leads to a more cautious style of driving, [but] it has a negative impact on decision time and trajectory. [However,] this in itself does not mean that drivers under the influence of cannabis represent a traffic safety risk. … Cannabis alone, particularly in low doses, has little effect on the skills involved in automobile driving.”
REFERENCE: Canadian Senate Special Committee on Illegal Drugs. 2002. Cannabis: Summary Report: Our Position for a Canadian Public Policy. Ottawa. Chapter 8: Driving Under the Influence of Cannabis.
… Evidence of impairment from the consumption of cannabis has been reported by studies using laboratory tests, driving simulators and on-road observation. ... Both simulation and road trials generally find that driving behavior shortly after consumption of larger doses of cannabis results in (i) a more cautious driving style; (ii) increased variability in lane position (and headway); and (iii) longer decision times. Whereas these results indicate a 'change' from normal conditions, they do not necessarily reflect 'impairment' in terms of performance effectiveness since few studies report increased accident risk.
REFERENCE: UK Department of Environment, Transport and the Regions (Road Safety Division). 2000. Cannabis and Driving: A Review of the Literature and Commentary. Crowthorne, Berks: TRL Limited.