Here are some therapeutic indexes for common drugs [0]:
Heroin - 6
Alcohol - 10
Cocaine - 15
MDMA - 16
LSD - ~1000
THC - > 1000
Alcohol has very dangerous acute effects and it's very possible to overdose on alcohol. Compare to THC where a toxic dose is on the level of 15g. Assuming that THC is approximately 5% of the content of the cannabis [1] this would mean smoking 300 grams of cannabis (with 100% absorption by the body). That would make for ~600 joints (with a joint having about half a gram of cannabis) to get to a level of toxicity.
So relatively speaking, Alcohol (at least in the short term) is quite dangerous.
[0] PDF - http://web.cgu.edu/faculty/gabler/toxicity%20Addiction%20off...
[1] http://en.wikipedia.org/wiki/Cannabis_%28drug%29#Potency