There is plenty of literature out there about smoking cannabis and its affects, but what about consuming cannabis oil?

Hard to say: You can likely find websites as well as i can. My understanding is that hemp oil produced industrially has no psychotropic properties. It is high in omega3 fatty acids and there are putative medicinal benefits that are yet to be officially proven. The science behind appears to be lacking, but uses are being tested for consumer purposes, both for things like soaps , human consumption and as a types of cancer.