An Extremly shity sack of bud. If you get this you should beat the hell out of your dealer take the bud and his money from them and cock slap them to ensure ultimate shame to them.
Guy 1 "Man this is some bunkassbamer!"
Guy 2 "No its not this is hydro. Cant you see the red hairs?"
Guy 1 "Thats paper!" "Come here!" "You have offically been Cock Slaped." "Im takin your weed and you money bitch!"
The best of the best. When something's not quite up to standard, 'bunnamagoo' may be used in comparison to make an example of just how bad that something is - be it a person, a car, the weather, or a delicate wine.