Hmm I agree with the sentiment, but do I trust even educated people to be sensible... No.
But what do you mean by being sensible?
I can surely agree that perhaps a very basic regulation should exist, something like "it's illegal to sell drugs to minors" but the justification for that is because minors´s brains are even fully formed yet so they won't be able to make the best decisions plus, they can be easily compelled or manipulated and so forth. Also certain drugs may be more dangerous at a young age and that kind of thing.
But if my being sensible you mean a fully grown adult not getting addicted or something like that, in order to avoid that you would have to restrict people's freedom (which is what happens now) and that I obviously can't support.
Not to mention that if all drugs are legalized, we could create specific places where people could take certain drugs and go trough certain kinds of experiences, all under the supervision of professionals who know what's going on and are able to help you in case you have for instance a bad trip.
There's this common misconception that all drugs are bad and that there isn't any positive aspect to drugs. That's obviously nonsensical and this is coming from a person who has never touched any kind of drug. But let's say, just for the sake of argument, that drugs are in fact bad. People will keep doing drugs. So between buying the drugs from some shady people and doing them on some shitty place, wouldn't it be better if there were protocols in place to assure the well being of consumers ? Wouldn't it be better if they did whatever drug they want to do in a safe environment? And I don't know anything about economy but I'm pretty sure all this places could be easily built with the money that is currently invested on the war on drugs.