In the meantime, let me point you to my post about drug (re)legalisation at the IEA blog which is a precursor to my debate with Peter Hitchens on Wednesday.
A pragmatic legal market would allow licensed bars, coffee shops and private members’ clubs to sell opium and cannabis for smoking on the premises. Nightclubs and some bars would be permitted to sell pure MDMA. Pills, powders and tinctures containing amphetamine, cocaine and opium would be available from registered pharmacists with appropriate warnings and directions for use. Specialised licensed shops, equivalent to tobacconists or ‘head shops’, would be permitted to sell cannabis cigarettes, MDMA, smoking opium and hallucinogens for sale off the premises. In all cases, sales would be limited to those over the age of eighteen.
Do have a read.