In my opinion, weed should be regulated. I've never done it and I probably won't for a very long time, but I think it's dumb to prevent it. Alcohol kills your cells more than weed does, and at least weed doesn't make some people want to beat the shit out of other people or get into fights.
Also, the government could make hella money on it by putting a decent tax on it. It'd be win-win for everyone.