Perhaps the main terpenoid in cannabis is beta-caryophyllene (BCP). I've been watching research on this one for a while. In particular, it activates the type 2 cannabinoid receptor, CB2R. The paper below contains a wealth of information, but look at these findings extracted below:

"VCE-004.8 and BCP have shown very promising results over multiple sclerosis, which is an autoimmune demyelinating disease characterized by severe neuroinflammation"

"BCP has shown promising properties as a therapeutic agent in metabolic disorders. In preclinical studies, this sesquiterpene stimulates insulin secretion and sensitization, reduces glucose plasma levels and gastrointestinal absorption, decreases hyperlipidemia, promotes an anti-inflammatory and antioxidant environment, and protects against diabetic complications."

"BCP has shown neuroprotective effects mainly in rodent models in other neurodegenerative diseases, such as Parkinson’s disease, thanks to its antioxidative and anti-inflammatory properties."

"Treatment with the sesquiterpene decreased alcohol consumption and the conditioned-rewarding effect of ethanol in a murine model of voluntary alcohol intake. ... On the other hand, high doses of BCP also prevented cocaine self-administration and relapse in rats...."

Of course, this paper comes from Spain as the drug war and big pharma hare hobbled research of this kind in the US.

[ncbi.nlm.nih.gov]
Relevance of Peroxisome Proliferator Activated Receptors in Multitarget Paradigm Associated with the Endocannabinoid System