"Toke" is a noun. It means a "hit" or "puff"
-Take a toke from the pipe.
"Toking" or "Toking up" as printed above, is a verb. It means to take a hit or a puff from the pipe.
-We were outside in the backyard toking up some fine medicinal cannabis.
So,
toking = smoking
&
to toke = to smoke
and therefore,
Toking up = Smoking up
I do believe that it is actually an older term more used back in the 60s and 70s.
A hippie once said, "yeah maaan, we were at Woodstock toking up Mother Earths gift to us!"
After toking up some weed, all my anxiety just melted away.