ToeJam & Earl was a Sega Genesis game where the two title characters were trapped on an island. This is also a reference to Odd Future member Earl Sweatshirt who was stuck in a reform school in the Samoan Islands at the time this song came out.
“Earl” is slang for marijuana hash oil. So just imagine Gambino relaxing on an island somewhere, living the life of fame, smoking that reefer.
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