Anxiety disorders and depression are the two most prevalent forms of mental illness, and they affect women at much higher rates than men. Anxiety and depression are both common conditions for which people have been found to self-medicate with cannabis. Anxiety disorders and depression are often comorbid with each other, as well as with sleep disorders and chronic pain. The pathomechanisms underpinning anxiety and depression are complex, but they have in common the fact that both may, in part, be underpinned by chronic inflammation. Animal and human research indicates that the endocannabinoid system is involved in regulating our stress response and emotions and is involved in the pathomechanisms of anxiety and depression. Preclinical and clinical studies, including randomized controlled trials, suggest that cannabidiol (CBD) is anxiolytic, but there is little clinical evidence at this stage in support of the use of CBD in depression (though preclinical research suggests that CBD can reduce depressive-like behaviors in rodents). There is some evidence that THC may have a bimodal effect, being anxiolytic in lower doses and anxiogenic in higher doses. Although there is some evidence in support of an antidepressant action of THC from animal research, results from human research investigating the treatment of depression with cannabis and THC are mixed, with a few studies suggesting that THC may be depressogenic. A major issue is that nearly all animal experiments and many human studies investigating anxiety and depression have been conducted using CBD or THC isolate, so findings cannot necessarily be extrapolated to full spectrum cannabis products. Therefore, there is a need for research investigating the efficacy and effectiveness of these products in anxiety and depression, in particular in women, given the higher prevalence of both conditions in females.