five dollars worth of marijuana.
yo man, I am a broke ass sucka and all I gots is this fiver, how bout' breakin' me off a nickelbag of that dank shit you got?
5 dollars worth of pot. Usually used when talking to a dealer.
The example below is from the movie Jay And Silent Bob Strike Back. If you haven't seen it, get off your ass and rent it.
Guy: Lemme get a nickelbag
Jay: 15 bucks, little man. Put that shit, in my hand. If the money doesn't show than you owe me, owe me, owe.
(he already owed him $10)
i)I just smoked a nickelbag worth of pot.
ii)Did you even get a high?
A cheap slut; five cent hooker
Damn! Lupe was with three guys last night? She's such a nickelbag.