When it comes to opioids, legalized alone opium would alleviate vast swathes of death and suffering. Many of the same arguments made for cannabis legalization also apply to opium. It's difficult to unintentionally overdose on, there are no serious long term health detriments aside from dependency and constipation (and testosterone decrease). The poppy has been cultivated by humans for as long as wheat has, it is only recently recently it became so demonized.
And most importantly, it would largely eliminate the demand for black market heroin/fentanyl. Opium is a combination of 3 alkaloids, morphine, codeine, thebaine. Heroin is just acetylated morphine which allows for more total morphine to cross the BBB, it's still morphine which produces most of the effect users desire.
And most importantly, it allows opioid users a strong, easy to access, cheap, legal alternative to being sick.
Even though there would still be some demand, black market suppliers could not compete price wise, so the black market would be eliminated very quickly. The DRAMATIC price reduction will also make the financial effects of opioid dependency much less devastating.