The tax benefits aren't worth stinking up the joint with rampant potheads. Keep it illegal except for the sick.

Legalize it, but restrict growing and possession to small amounts for personal, private use. No commercial market.

Make it like Amsterdam, where pot smokers can buy it off menus in coffeehouses, but not retail stores.

Legalize it, don't criticize it. Allow commercial sales with an age limit and laws against ripping bong hits in public places.