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1.
Ivory that has been poached or trafficked though illegal or immoral methods. The implication is that the product has been figuratively stained with the blood of protected animals or law enforcement officials who have been the victims of smugglers. “Blood diamonds” is a comparable term.
Portuguese customs officials seized 2 kilos of red ivory shipped from North Africa.
by Liam Yu April 18, 2010
 
2.
A strain of very potent Marijuana that has little red vines running across it.
"Yo will, that red ivory is dank as hell. Smoking that shits like breathing air"
by dankman69 May 23, 2007