"If I take death into my life, acknowledge it, and face it squarely, I will free myself from the anxiety of death and the pettiness of life - and only then will I be free to become myself." ~ Martin Heidegger
What makes anyone think this will put the criminal dealers out of business? Even if some people go to all the trouble, cost and risk of setting up legal business, they're not going to cover anything like the width or depth of the market in the foreseeable future. If anything the gangs will have an easier time of it since I suspect this measure will be matched with a reduction in policing resources focused on it and also what little resource there might be in drug treatment and prevention.
All that is needed now is for cocaine to be legalized and the Supreme Court judges, Wall Street bankers, corporate Cleo's etc can come out of the closet
Very good news indeed!
“The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman
I predict one or two small ventures will establish the taxed, regulated and controlled legal businesses in the state but the vast majority of users either won't want (because it's inconvenient, expensive, poor choice, don't trust the government) or be able to (because it's too far away, they're under 21) to buy there. The criminal networks, with all the negatives that come with them, will still exist. They could even benefit, from greater public acceptance and reduced police resources aimed in their direction.
I don't pretend to have the answer. I just don't think this should be seen as some kind of end game magically solving all the problems. The idea that you can shift the laws around cannabis to be like those for alcohol or tobacco and the social structures around them will suddenly shift too is either naive or dishonest in the extreme.