According to the Urban Dictionary; Latin “Waccius Baccius” meaning 'to get high and chill, man.
I only ever hear older people use the term.
My elderly female mother figure disapproved of my smoking pot and every time I visited her, the first thing out of her mouth was, “You been on the wakky baccy today”?
is what google says
The term Waccy Baccy (often spelled wacky baccy or wacky backy ) is a British, often humorous, slang term for cannabis or marijuana that originated in the 1970s and 1980s. It is a shortened version of the phrase "wacky tobacky " (wacky tobacco), which was a lighthearted, slightly derisive term for the drug that gained popularity during the 1950s “reefer madness” era, referencing that it was smoked like tobacco but made the user feel “wacky” or silly.
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HaHa Urban Dictionary has its moments.
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