In my HO, it should be legalized and taxed like cigarettes and alcohol. It should be grown by any farmer, like tabacco. The judicial system and jails will be less jammed and the pot kingpins will be dethrowned therefore less violence.
Currently, the states that have legalized "medical marijuana" issue the seeds and regulate crop size, licensure and dispensing. The license is issued by lottery and the farmer makes big $$$$$. I toured a marijuana farm in another state owned by a 77 year old man who has been issued a license for 12 plants, and he grows for another 4 or 5 licensees. It's an interesting operation. Ridiculously over regulated IMHO.