Of the many signaling lipids, endocannabinoids are being increasingly recognized as having an important involvement in neuronal and glial development. Recent experimental evidence suggests that during neuronal differentiation, endocannabinoid signaling undergoes dynamic reorganization that results in a fundamental role-switch from the prenatal determination of cell fate to the homeostatic regulation of synaptic neurotransmission and bioenergetics in the mature nervous system. These studies also offer novel insights into neuropsychiatric disease mechanisms, and contribute to the public debate about the benefits and risks of cannabis use during pregnancy and in adolescence.