You're one or the other. You said "regulate like alcohol", then you argue a position in which mj is not regulated like alcohol.
Okay, now I see what your objection may be: a. you are a literalist who takes "regulated like alcohol" to mean (literally) "taxed at exactly the same rate, per volume, as alcohol" (in which case the drug would be taxed at like 0.001 per spliff-based on weight) or, b. You are not being a literalist, but you are so trusting of corporations and government at all levels as to believe that they would never price or tax your drug of choice at an "unfair" rate vis a vis alcohol. Okay, accepting those two possibilities (for the sake of argument, or for the sake of ending the argument) I will CONCEDE YOUR POINT. Now, dream on, Rasta Man.