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The barrier to medical studies has been the Federal Government (DEA) for several decades. They're changing it but slowly.
Since 1968 the only place researchers could legally obtain cannabis for research was from a government lab in Mississippi, and as noted below, they wouldn't even give you any. Researchers who did obtain it noted it was often old, low potency, and generally low quality, making it not very useful.
Linked DEA article:
NPR notes:
There are many more countries than the us
Huh, I might have heard of that before. Anyway, the US funds 44% of the world's medical research. Europe, 33%, and the situation hasn't been much different there. Canada and China have done some research on it. But my point is that the idea of formally researching medical cannabis isn't something people have just chosen not to do, though it's definitely not a priority for pharma companies.