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Problem is that it will cross state lines eventually and then the feds step in. Federal regulations are also the only way for there to be enough consistancy in the laws and the drugs. Image a medical marijuana user moving from one state where they grow some really go weed to one where it's not so good or can't get it at all. I'm not advocating more fed involvement with our lives, but sometimes you can't escape it.

Now what will happen is how the states handle it. IE Alcohol. In NC there are ABC stores that sell liquor and the grocery stores sell the beer. The beer cannot be any stronger than 6%. There are three different licenses depending on what you sell (beer, wine, port wine) and each one has fees attached. However, if you take a trip to somewhere like NJ, you have to find liquor stores to buy any alcohol at all and I believe they have a set amount of licenses that they allow state-wide, creating a great way for local politicians to gain some really good funding via everyone campaigning for what's leftover.

So basically the feds will handle the trading and quality of pot and also lay down general law guidelines and then the states will add their own relatives, or rather beauracracies to further regulate it and tax it even further (it'll be for the schools!).