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I don't really think it needs to be legal, it's already treated as a legal substance for the most part. I can smoke a joint in front of a police station and not get stopped or questioned. Its so common and accepted as it is, there is really no point to go through the legal troubles of legalization.

The only real positive thing I can see legalization doing is allowing companies to grow and sell in convenience or specialty stores, and thus hopefully driving down price and increasing quality due to competition.