The problem with legalizing it is that they might legalize the use and possession of personal amounts, but the importing and growing would still be illegal. If you were to legalize the growing of it, then the importation would also follow. If they legalized the growing of a certain number of plants (say, setting a limit on the number of plants able to be grown legally), then there would still be those trying to grow large amounts because so few have the space, time, patience, etc to grow their own. Most all of us can grow a vegetable garden, but we still shop at the grocery store (in the vegetable section)

Legalizing things that seem "hard" for us to control is just taking an easy way out of any problems (i.e. amnesty for illegals). I can think of hundreds of things we could make legal just to make my personal life "easier", but wouldn;t be good for society in general.
ON EDIT: Also, Jeff McCann's reasons for not legalizing (or likelyhood of not legalizing) are, for the most part, valid, but really, we could legalize say bank robbery, or speeding, or rape or murder, or maybe bludgeoning (if done without "hate") and it would surely save alot of headaches on those responsible for investigating and prosecuting the crimes. It would also cut down on "bureaucracy" too, and that would be good. In the end, though, it all comes down to sweeping crumbs under the rug just because......it's easier than cleaning them up properly.