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Its is a low quality form of pot, or mariuana
Joe: Did you get that dank?!
Bob: Nope, all i could get was this Schwiggity Schwiggity Schwag...
by Neticule October 14, 2003
Used as a greeting to a friend.
Yo Jeff! Schwiggity Schwiggity Schwag!
by Burt McGee April 11, 2003