I'm quite certain the only far-reaching consequences are the bigoted and misinformed anti-drug brigade will be annoyed for longer than usual.
If somebody were creating a new law book based on liberal premises, I'm pretty certain most drugs would not be illegal, especially drugs like cannabis, mushrooms and MDMA. I've given up so far on trying to rationalise the illegality of some drugs. Sometimes it just makes no sense and you have to hold your hands up and say, 'I just don't get it.'
As something of a libertarian I object to banning drugs on an idealistic basis, but if you look at all the studies done into cannabis, check out the statistics about MDMA and, as gwahir said, consider the implications the illegality may be having (gateway drug theory is still rubbish, but i don't think there's any doubt that black market trading creates other kinds of crime) the ONLY realistic conclusion is: liberalise the sale and use of some drugs.
edit: obviously drugs are illegal under the guise of 'public safety', which I've no reason not to believe. It's just misinformed. Especially when you consider that two of the most harmful and addictive drugs in the world are very much legal.
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