Clearly there are some drawbacks to some of them, but alcohol and tobacco worse than some of them. Just think about it; it all comes down to personal responsibility so why prevent others from being happy? If you don't feel like smoking crack then don't, but don't stop another from wanting to satisfy themselves.
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I wouldn't want all drugs legalized, especially Heroin, cocaine and meth. You can't compare those to alcohol, those drugs ruin lives, and they are extremely addictive. Introducing them to the legal market would be a bad idea. Soft drugs like weed should be legal though.