//hypno// ^^^
Mind if I call you nailnit?
Yes, if we legalise and tax it, I reckon there will still be plenty of margin for black marketeers. If it is a smokeable product then expect a rehash (pun, pun) of every ugly rumour about stuff added to tobacco to make it burn more efficiently. No regulation, accountability or opportunity for comebacks.
(Potential side issue about smoking the substance. Just because it isn't tobacco does not mean that the combustion products of vegetation are not going to cause lung diseases (emphysema) or cancer).
The logical extension of what I'm saying it that it will have to be extraordinarily cheap and barely taxed at all, at first, then for as long as it takes to drive the producers under.
** Provided that is, indeed the end goal of legalisation. **
The danger is that it only succeeds in driving them to other sources of income.
They might merely switch from cannabis to coca or opium poppies and that would be very damaging, to the young generations to come.