The two stoners Cheech and Chong have a new business, selling ice cream, named "Happy Herb's Nice Dreams." However, this isn't real ice cream- it's dope-infused ice cream, made out of experimental marijuana, stolen from their friend's illegal marijuana plant.

The two sell the "ice cream" from the truck, and even make trips to a gym. Business is good and introduces them to a variety of freaks and weirdos, and the two soon make a fortune, making thousands to millions of dollars. They plan on using the fortune to buy an island, guitars, and get lots of girls.