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The money they spend on the war on drugs would not drop it just would transfer to a different boogieman drug. So you would have no cost savings as far as that goes.
You would however have a whole lot of people either laid off or phased out who do currently work in marijuana eradication funded programs. This is lost income to those people and to every side business they pay money to.
It would land less people in court and thus jail. Courts always have plenty of cases to hear anyways so any gaps would be filled up with other trial types. There would be income lost for defense lawyers of course. The courts would see less fine money for marijuana crimes. Could also be said, less people in county jails and thus less federal money.
One less source of income for drug testing companies, not to mention all of the companies that sell piss testing cleaners.
It already is a crop that has a micro brew status almost. So it is not like some super large corporations could easily step in and dominate any given area. Typically this would not pose that much of an issue, yet we are looking at people that are currently criminals running these crops. They are not really conditioned to be legit businessmen so to speak. So assuming we would be taxing this we would need tax enforcement officers or something to make sure all of these small growers were paying attention to the laws and even so this does not touch on the issue that many can and would just home grow.
As it currently stands California has a legit state medical ID card that all medical users are supposed to pay for and own, a very small number of people even have one of these and this allows them to be legal in the state. Scaling this up just would show that few would bother with paying.
That is just a few of the No reasons off the top of my head.
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