Sorry pot lovers, this song was cash, not your stash.
According to some sources, the original title of this song was "Little Green Back" (a "green back" or "greenback" refers to paper money). In fact, the lyrics in this song don't include the word "bag" at all. The record label misprinted the title on the single when it was released, and the song forever after was known under this misnomer.
Notice how all the other lyrics rhyme properly - kind/mind, day/way, find/behind, but then we have track/bag? Now compare the rhyming pattern if we use "back instead of "bag":
"Lookin' BACK on the TRACK
For a little green BACK
Got to FIND just the KIND
For losin' my MIND"
"Lookin' back on the TRACK For a little green BAG" just doesn't work in the song.
(Lyrics)
Yeah
Lookin' back on the track
For a little green back
Got to find just the kind for losin' my mind
Outta sight in the night, outta sight in the day
Lookin' back on the track, gonna do it my way
Outta sight in the night, outta sight in the day
Lookin' back on the track, gonna do it my way
Look back
Lookin' for some happiness but there is only loneliness to find
Jump to the left, turn to the right
Lookin' up stairs, lookin' behind