I've posted this argument before and I'll happily do it again.
Regulating Sudafed, to the point where it's now practically unavailable, only served to prohibit public access to a very good decongestant medication (with no really adequate substitute). Meth-making then switched from the few local cooks in America to the Mexican drug cartels, whom now import tons of the stuff.
As with anything, if you ban something in great demand, it becomes a valuable black market item. Then, like with the Drug War, only criminals will be in charge of the enterprise.
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