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While I complete and totally agree that it should be legalized, or at least federally rescheduled and completely decriminalized, I worry about what happens when it's federally regulated and taxed.
If it is federally legalized and taxed, it will likely become the domain of the ATF, who will ~~take over~~ continue kicking in doors and doing raids on anyone who is not a huge corporate grower. Marlboro has already trademarked Marlboro Greens and I'm sure every other tobacco giant has their branding ready.
Leaving regulation and taxation to each state is probably better long term, otherwise it's just going to be a corporate cash grab with established local growers and suppliers getting screwed.
Regardless, it should be completely legal to grow it in your back yard.