Of course it matters, unless you grow outdoors -- isn't rain water's ph 7? I'm really not sure...
A friend has tried to grow cannabis this winter using just tap water, which according to my tests, has a ph of 8.2 or so. After four months of vegetation his plants were still like 15cm tall.
It seems like it depends. A lot of the people that say it matters don't grow in soil. I grow in straight Ocean Forest and it doesn't seem to matter that my water PH is 8.0 (I've seen no benefit to PHing down).
I tried Botanicare Pure Earth which is Coco-based-soiless and had terrible results - in hindsight probably because PH mattered.
Pinecone