It should be legalized. Anyone who wants it now can easily get it. And just because it becomes "legalized," I suspect there would NOT be any significant increase in demand, rather it would become mainstream like alcohol, and we would be subject to various laws, ie, no drinking and driving, must have a "license" to sell liquor, limited alcohol licenses by various counties, no "open" containers, etc.
Remember "smoking" sections in high school? Do those still exist in schools today? I graduated from high school in 1980 and the kids who wanted to smoke did, I don't think the existence of the section encouraged "smoking" but was a way of dealing with the issue at hand for the time. And I grew up in a very small town, rural, conservative town in Ventura County, still California though.