Quite simply, the many arguments in favour outweigh those against.  In these austere times in particular  the government could do with the revenue, which could be used to help offset the disadvantages. 

Make available on prescription first, print health warnings on packets when it is sold in the shops.  As it can be eaten, Waitrose could make it available in cakes with no risk of adverse effects from smoking. 

It should be well regulated, though.  Highly concentrated strains should perhaps not be available or allowed to be grown. The very fact that drugs are demonised, when they patently carry benefits, sends a confusing message.  A more civilised, sophisticated approach to them is needed.

Why is this idea important?

Banning this drug has damaged the economy, stymied new industries, reduced support for chronic disease sufferers and made people's recreational life less colourful.  It is a drug that promotes harmony, as opposed to alcohol, which is the bane of every town centre on a Friday or Saturday night.  It is a drug that inspires artistic output and is a useful tool for widening one's perception.  It carries health risks, but these appear to be acceptable, especially when compared to other risky activities which are not illegal, such as suicide and more mundane ones, like ridiing a bicycle. 

Many politicians refuse to talk about this drug in a factually substantiated way, at least in public.  And surely this idea is actually a litmus test for the efficacy of the whole website. 

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