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1.
(1) Illicit, mind altering drugs made at home from drugs readily available at drug stores or pharmacies.
(2) Drugs readily available at drug stores or pharmacies used to make-at-home illicit, mind altering drugs

Female drug store assistant, “Are you looking for drugs? We haven’t got any. And we can’t sell you anything that’d be any good for homebake!”

Kevin, who was shyly looking to buy condoms from a male assistant, thought – talk about bloody thick – if I wanted homebake I’d go to a pie shop.

“We are supposed to ring the police if anyone comes in here wanting homebake.
by dave aaroon January 22, 2008
 
2.
a friend, companion.
Yo homebake, what's up?
by HOMEBAKE.BO. November 05, 2007