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ex. calif.
http://www.southparkstudios.com/clips/267111/medical-marijuana-dispensary
Biggest obstacle I see, after all the laws that get removed, rewritten, or newly written, is a sharp climb in black market sales. Illegal grow ops have far less overhead than a certified, or government-run grower would. Rent, more employees, administration, taxes, higher standards, inspections (of product and facility). Legit weed would just be much more expensive to produce, and would consequently cost more for the buyer.
Long-term, I think the change would eventually show some economic benefits, but it would be a difficult transition.