Green’s Dictionary of Slang

1. heroin, esp. that has been diluted or ‘cut’.

1977		S.N. Pradhan Drug Abuse.
2001		ONDCP Street Terms 5: Chip — Heroin.

2. any form of cigarette cut with phencyclidine.

2001

ONDCP Street Terms 6: Chips — Tobacco or marijuana cigarettes laced with PCP.

3. (UK Black) cannabis.

2014		Stormzy ‘Shut Up’ 🎵 Who’s got Rizla and chip? I wanna strap one .
2016		67 ‘Faces’ 🎵 Mix Bel Air with rays hell yeah I’m wasted / One gram with a bit of chip, that’s ami I’m tasting.

4. (UK teen) tobacco.

2019		N. Lezard in New Statesman 28 June-4July 58/3: I ask [my son] to teach me young person’s slang. [...] ‘Chip’ is tobacco.
2020		G. Krauze What They Was 32: One of the olders told him to go shop and get some chip [...] to bill a zoot.