That's a strawman, but I'll roll with it. Yep, totally fine with it (although I have not used any illegal drugs). Mostly because there are massive amounts of people currently using prohibited drugs. Why not study and make known the risks instead of hopelessly trying to directly control everyone's actions?

At a higher level, I do not believe in any authority's ability to consistently produce a net benefit over long periods of time by deciding what substances are legal. I do however think that the markets will figure it out pretty quickly.