I want to make this very clear! This Song Is Not About Cocaine And/Or Other Drugs/Alcohol In Any Way! It is the second part to his earlier song 'I Don't Want this Night To End'. There is a lot of interpretations out there that say that it is!
In his earlier song,the song 'I Don't This Night To End', he met a girl at a party and had a great time with her. At the end, if you watch the video, she asked him to leave her a ticket to his concert for her, telling him that she'll see him again, basically.
In this song, it's two months later from the end of the other song, and, again if you've watched the video, he's still leaving tickets for her. He doesn't know where she's from or if she's ever going to the show. He starts to get discouraged, thinking she'll never show.
The song is based on how he can't get her out of his mind no matter how hard he tries.
It is describing how he's head over heels for her and how he loves her so much he's 'drunk on her' and 'high on summer time'- even though he barely knew her. How he wants to be with her once again.
The lines the make everyone think of Cocaine and/or other drugs, that doesn't have anything to do with them:
"Snow in July." = Though this line can be taken for a cocaine reference, it isn't. The full line is: "Cotton wool fallin' like snow in July." Is referring is raw cotton falling around them. So the party where he met her is near a cotton plantation or something like it that has to do with raw cotton.
"The best buzz I'm ever gonna find." and "I'm a little drunk on you and high on summertime." = Again, these lines can be taken as a cocaine/drug/alcohol reference, but again isn't. It is referring to how it make him feel to be around her. He's high/drunk on that feeling he had during the time he spent with her that summer before he had to leave.
"If you ain't a ten, you're a 9.9." = He's saying that in his opinion, she is either perfect or VERY close to it.
"Every little kiss is drivin' me wild, throwin' little cherry bombs into my fire." = Every little kiss she is giving him is making his head spin and he can't forget, how he wants more of them. They're making him fall for her even more.
"Girl, you make my speakers go boom boom." and "That kinda thing makes a man go mhmm mhmm." Again, these lines can be taken as a cocaine/drug reference, but again isn't. It is referring to how it make him feel to be around her. How everything about her is makes his heart race, and he loves that feeling.
This is both my reasons and proof, that this song is not about cocaine/drug/alcohol in anyway. I highly recommend that you watch the videos for "I Don't Want This Night To End" then "Drunk On You". It will make everything clearer for you.