Earlier quoted context omitted.
Cocaine was isolated long before current drug laws, so I'm not sure I buy the argument "if it were invented today". Cocaine wasn't invented today and was banned.
It was banned because people associated it with "scary black people"
https://www.nytimes.com/1914/02/08/archives/negro-cocaine-fi...
https://en.m.wikipedia.org/wiki/Cocaine_in_the_United_States