Hit it, don't have to pass
Unlike light smokers, Wiz is a rich stoner. He does not have to pass the weed to anybody else because his entire crew can each afford their own. Wiz is also the boss and can take the joint for himself.
This could also be a subliminal shot at Kanye West (i.e., Old rapping ass), who is 10 years Wiz’s senior. He is referring to his ability to hold on to Amber Rose (who he “hit” and eventually married) without having her slip through his fingers, something Kanye apparently failed at.
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