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Mr Puggsly said:

1. It would be more difficult for the youngins to get drugs if it were regulated. Right now, its easier for a young person to buy street drugs than alcohol or cigarettes.

2. The black market would be much smaller if it could only rely on the underage.

Smaller, maybe, but certainly not non-existent. I don't think it would only rely on the underaged. Cigarette smuggling is a big racket because of how high taxes are in certain locales.

It really depends on how onerous the regulations are and how high the taxes. If legal distribution is relegated to dispensaries, then I definitely don't think much would change.