This argument drives me crazy. You think the drug pushers are gonna say "ah shucks. no more profit in drugs. guess I better go to college and get a real job."
Trust me, they will find something else to exploit. Kidnapping in Bogota comes to mind. Crime won't go down.
Probably many would find something else, and that's a problem - but surely it can't be used as justification for not changing the policies.
Legalization should happen gradually and with some kind of amnesty outreach program. But even if not: Crime like robbery would likely spike, but unless gangs quickly find a replacement product that's in similarly high demand (if there was one, wouldn't they already be serving it?) I imagine cutting off their easiest source of income would fairly quickly reduce their power to attract new members, purchase weapons, etc.
Trust me, they will find something else to exploit. Kidnapping in Bogota comes to mind. Crime won't go down.