These ballot issues are always spearheaded by some smug, slick Music Man type whose primary but secret objective is to a) get stoned legally and b) make a buck from others getting stoned.
They arrive with the worst sort of boilerplate: it will be a legal and economic panacea etc. In Ohio’s case, the measure included some good old cronyism with sales and production licenses - all supervised by the state (ie the same outfit that can’t fix potholes) and subject to the usual corruption and kickbacks.
The black market has and will always undercut the legal market.
The ballot initiatives to legalize pot aren’t always Music Man hucksterism. Sometimes they are desperate moves by Democrats to bring new young voters to the poll with hopes they will pull straight D ticket ballots.
The legislatures are free to address this issue. Many legislatures were unwilling to legalize homosexuality and same sex marriage as well.
In Texas, at least, there is some rumbling that Republicans in state office will push some legalization legislation (although the governor may strike it down).
Who would pay for it if they could grow it themselves?