Picking up where the first verse left off, Jonny realizes he’s way too deep in his own thoughts and it’s causing him to retreat into his “shell”, so he decides to start drinking to “let loose” and become more talkative.

Jonny is fully aware of how dangerous drinking and smoking have proven to be for him, but something about it still has him captivated.

This is a song about weed and alcohol abuse/addiction..
“XO” is short for “exotic”, which is a kind of weed Jonny and his friends enjoy smoking.

This line could also be regarded as a double-entendre, since there is a type of Hennessy called “Hennessy XO”.

This line also quotes the title of the song, which was inspired by one of Jonny’s close friends simply known as “Shayman” (or Shaayz) who usually expresses extreme fondness for bottles of Hennessy and XO spliffs….

Basically admitting that he’s fucked up and telling you not to blow his high

There’s 2 ways this hook can be perceived:

A) Jonny is drowning in self-pity, saying that if he didn’t have the problems he has, he could’ve made this a dope ass weed anthem, a party song, or a traditional braggadocio record about how his team shits on everyone else.

B) He’s justifying his approach to this track, saying that if he didn’t have the problems he has, this song would’ve been another cliche rap song with little to no depth, so maybe it’s not so bad to turn these real life issues into relatable music for people going through similar struggles.

This hook almost sounds like a drunken self-pitying rant.

Jonny finally asks himself the question nobody in his position wants to answer…

Introspective reality checks/epiphanies can sometimes be tough to accept, especially when you’re stoned.

Something doesn’t feel right about this…isn’t weed supposed to make people happy?

Clearly something is a bit strange about his general thought process and he’s beginning to realize it.

Jonny smokes to battle his demons.
(Ironically, weed is becoming one of them)
He often wonders if “life” is even real or if it’s some kind of weird “dream” (a topic he’s spoken on in his twitter rants…also a theory which can be linked to depression)

This line could also mean he’s wondering if he’s just fooling himself into thinking this is the lifestyle he wants to live.