If by "regulation" you mean "restriction", then, sure, I buy that, stipulating that it's somehow possible to restrict access. But what the preceding commenter meant by "regulation" was labeling. No, that won't work.
I am not against drug legalisation, on libertarian grounds. If you want to kill yourself, kill yourself, it's your life not mine. But I don't buy that banning drugs results in more harm that making them freely available.
And it's very paradoxical for liberal societies to want to ban or heavily control the use of alcohol and cigarettes and to consider legalising hard drugs at the same time.