Puna butter is a colloquialism used by native Hawaiian's to reference cannabis. Though generally "a high quality marijuana bud", as described above, the origination of the term, to my knowledge, is specific to the Hawaiian Islands. In the definition and context listed on this web site, "Puna Butter" would have the same meaning as "KGB" or "Chronic"; a superlative or extremely potent variant of marijuana, when in fact "Puna butter" is more in line with more "common" terms like "weed", "grass", "pot" and "reefer", a regional reference for marijuana w/o regards to its potency.
A high quality marijuana bud.
Pass that puna butter.