It should be legalized. Its a waste of money to be fighting a "War on Drugs". We spend too much money on that bullshit.
Some drugs like cocaine, heroin, meth, etc should stay illegal. You can't claim any usefulness out of any of those (excluding heroin, but I'm not getting into that one).
The California P215 -
http://vote96.ss.ca.gov/Vote96/html/BP/215.htm
Sign the petition -
http://www.petitiononline.com/Legalize/petition.html
And the facts, no hype -
http://www.norml.org