To me, the government has kind of lost their ability to regulate these things because I'm disenfranchised with the FDA and the ATF.
There is no logic (except in government) that alcohol and tobacco are governed by anything BUT the food and drug administration. And for too long (and this is very similar to our climate change debates), the food and drug administration puts out "facts" about stuff that is incorrect. I'm convinced most of the FDA's inaccuracies come from lobbying but the food industries.
I'm not a big fan of "sin taxes" because they are hidden taxes that greatly effect the middle/lower classes in this country and don't seem to curb behavior.
So all that said what really needs to happen is some radical changes and a big overhaul to our FDA.
1. All drugs need to be re-evaluated to their correct classes of drug. This is likely where I would establish alcohol, canniboids, tobacco and maybe even caffeine as regulated low-level drugs. This takes THC probably off the class 1 drug list.
2. A distinction needs to be made between a NATURAL, GROWN plant that contains a drug (i.e. coffee to caffeine, tobacco to nicotine, marijuana to THC, etc.) and the actual drug itself. I think for the most part, I am all for natural stuff being loosely regulated, but when companies distill and sell the drug part in very high concentrated forms, I'm against it. I have strong concerns with liquid nicotine, super caffeine drinks/shots, and THC drops, etc. (or even food with distilled THC in them). Just because I want pot legal doesn't mean that anything with THC is legal. Big difference to me.
3. We really need to do a better job at the FDA of getting health science correct and free from lobbyists and getting that information to consumers. We shouldn't have to pass LAWS all the time to protect people from themselves but we can do a better job of education and information. I'm of the opinion you let people make their own choices and own mistakes.
I guess I'm not saying marijuana is "good", only that it's hypocritical to me to say it's different than alcohol or tobacco. All three need regulation to some degree and all three I am concerned about with high concentrations of the synthesized drug.
We can keep things like cocaine, opioids, etc. with higher drug class with even tighter restrictions, illegality and criminalization.
Nothing is "final". If we legalize pot and it ends up being a bad decision, we can change it back.