A colloquial term for castoreum, the yellowish secretion from the anal glands and castor sacs of the American and European beaver. The secretion is expressed from the glands as a liquid or included in a powdered form of the dried glands in a wide variety of products as a natural fragrance and food flavoring agent.
I used to like the smell of Guerlain "Shalimar" until I found out it's made with real beaver juice.
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.