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1.
The phrase (also known as weed etiquette) is used after a friend or acquaintance smokes you out, meaning thanks for the dank herb.
Stoner 1: "Hey dude, wanna smoke?"
Stoner 2: "Of course" Moments later...
Stoner 2: "Dank you"
by JacobZD January 01, 2010
 
2.
A gesture of appreciation for sharing ones dank.
'Lauren you want some dank?'
'Dankyou Levent!'
by shutupseb February 08, 2013