Raccoon in a Box is meant to be synonymous for weed. Specifically, weed sold by someone going door-to-door selling "magazines" out of bins or Tupperware in order to earn money for a "trip to France" usually by someone who obviously has no business going to France.

And it follows that the phrase "letting that raccoon out the box" can refer to smoking said weed, as well as a song written for the originators of said phrase.
Yo man, I just traded my couch for a whole tub of raccoon in a box.
by Murphy A. February 05, 2012

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