The Philippine Congress is pushing House Bill (HB) 6517 to decriminalize medical cannabis use in the Philippines. This study aims to evaluate the cost and benefit that will likely result from the legalization of medical cannabis. Focus group discussions, key informant interviews, and review of secondary data were done with stakeholders to validate and localize the benefits and costs associated with the legalization of medical cannabis versus the current status quo. Cost-benefit analysis (CBA) was based on the requirements of HB 6517. Only direct effects on major stakeholders were covered in the final CBA. Results were expressed as Net Present Value (NPV) to society. Medical cannabis legalization in the Philippines will yield a positive NPV to society but will take approximately 14 years before benefits for both the government and patients can be realized. More than 90% of the total benefit goes to patients, and < 10% goes to the government. In terms of economic viability, NPV turns positive once benefits are realized. The return on investment will be at 60% by the 14th year of implementation, with a 10% projection of benefits going to the government in taxes and net income. Based on projected simulations, Filipino may benefit from the legalization of medical cannabis.