Of course it will be regulated and taxed. That’s actually part of the reason to want legalization, quality control and white market prices. Unless the fed goes crazy on the taxes (like they are with cigs) pot will still wind up cheaper.
Just how long do you think fedzilla is going to resist that urge? And what will their constituents do about it anyway? Vote Republican?
There will be a lot more social costs associated with widespread pot use than there ever were with widespread tobacco use.
And genetically engineered to decrease potency? I could envision a situation with very stiff fines for growing pot without a license.
Did the pro-drug crowd really think they'd get legalization without government control? What were they smoking?