Would the sale, taxation, and control of drug sales ultimately destroy cartels and other gangs?

Thinking about it, taxation on controlled drugs such as Marijuana would definitely raise profits. The amount of pressure it puts on our judicial system would definitely be relieved and I think it could create a hefty amount of jobs. More importantly, people wouldn't need to buy the smuggled drugs anymore, thereby destroyed the income for gangs and cartels alike. Would this actually work?