By the letter of the law, no. But in practice we do. The federal government is thus-far unwilling to defend their turf on this issue; they have de jure sovereignty but not de facto sovereignty. If a government finds itself politically incapable of exercising a sovereign power, then in a very real sense they no longer have it.
Try openly producing and selling. Multi-million dollar businesses operating in open plain view of the public and any federal agent. States legalize cannabis and the federal government in turn stops enforcing their laws against cannabis in those states, demonstrating that the states have de facto sovereignty to legalize drugs. They didn't just stop prosecution for "basic use" and possession, they no longer enforce their drug laws against growers and dealers either. They've essentially given up, for the time-being at least.
The fact that the same states are not also defying federal gun laws (with some interesting exceptions *cough* alaska *cough*) is another matter entirely. The federal government does seem to be more keen on exercising their sovereign powers when it comes to guns than with drugs.
The Constitution is supposed to be stable and only change in response to broad political consensus. Requiring a supermajority for amendments is entirely appropriate.
And a system that requires a 3/4 supermajority of not even the population but the state legislatures (with the net effect that some states have a much greater say in pushing through or blocking amendments than others) is hardly a sane or sensible way to gauge public sentiment on such matters.