Ricky Williams chooses pot over football.

[AChimp]

What about supply and demand then? You'd still be relying on drug lords for your shit until you got domestic production up to an acceptable level.

Your legal supply would have a massive pricetag due to it's virtual non-existence. The dealers still come out on top because they are the only ones with enough supply to still sell cheaply, and they won't be paying taxes.