1 People who regard themselves as very close friends, closer than most. Best buds would most typically talk regularly, and hang out often. Generally refers to two individuals as the "best buds".
2 People who are very close, but call themselves "best buds" insinuating that they smoke weed together (bud used as a heteronym, meaning friend and marijuana).
"Hey dude, I think we're best buds"
"Oh yeah, whys that"
"All we do is smoke"
"Oh yeah"
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