In a positive way it means the same as the pharse "That's sick!", a way to describe something as cool, awsome.
In a negative way it means that its messed up, wrong, retarded, stupid.
Person 1: Hey how was your date?
Person 2: Eh I didn't like him. His teeth were "Jank"
This weather is Jank...
Student 1: we have a pop quiz tomorrow....
Student 2: "That's Jank".
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