I generally lean towards legalization. A lot of people do it anyway, it's tax revenue for the state, and all but one of the people I know who consume weed do it in moderation. Although that one who didn't made sure to tell people, don't let anyone tell you weed isn't addictive, it is. Whether he meant chemically or psychologically, I'm not sure, but he was a science major, and a good academic in general. So I keep that in mind as a cautious tale... at the same time he prioritized breaking his alcohol habit first as that was the more harmful one.
Still, on the balance, legalization seems like the right choice. The negative effects are moderate, probably less than alcohol, and legalization removes an important revenue stream for illegal activity.
That said, I don't inhale myself (or even partake in consumables), and voted against legalization when it was last on the ballot. Though in that case it was because the legalization proposal also included giving a monopoly to a small number of companies. I'm actually somewhat surprised there hasn't been another legalization ballot measure in the past five years, but my principles remain the same - if it's another monopoly/oligopoly measure, I'll vote no; if it's a more open market one, I'll probably vote yes (unless something else in it is suspicious).