This song is about a bygone relationship, not drugs. Instead, Chance uses drugs as a metaphor for the various ways that now he's fully grown up, he doesn't connect with his childhood girlfriend anymore.
The first verse is an allusion to J.M. Barrie's 1906 stage play entitled Peter Pan, or The Boy Who Wouldn't Grow Up and its 1911 novelization, Peter and Wendy.
When did you change?
Wendy, you've aged
I thought you'd never grow up
I thought you'd never
Window closed, Wendy got old
I was too late, I was too late
A shadow of what I once was
Chance the Rapper uses the story of Peter Pan and his female friend Wendy Darling as an allegory to better illustrate how he and his childhood sweetheart grew apart from each other. In the Peter Pan stories Wendy comes to enjoy her adventures with Peter Pan in Neverland, but ultimately chooses to go back to her parents and accepts that she has to grow up. This is in stark contrast to Peter Pan, the boy who refuses to grow up.
Fun fact: Wendy's popularity as a girl's name is attributed to J.M. Barrie's female protagonist of Peter and Wendy. The name was inspired by young Margaret Henley, daughter of Barrie's poet friend W. E. Henley. With the common childhood difficulty pronouncing Rs, Margaret reportedly used to call him "my fwiendy-wendy."
This was the track on Coloring Book that took the longest to record. Chance said: "Same Drugs had like 20 versions and it was the hardest to write."
The retro-looking video shows Chance duetting with a giant puppet while sat at a luminous white grand piano. As the song ends and Chance leaves the set, we see that all the other characters who have been filming the clip are also puppets.
The alternate version of the song that plays in the video also features vocals from John Legend, Francis Starlite, Yebba, and Macie Stewart.