Haha nope. It's about drugs:
The song is believed by many to refer to smoking marijuana, due to references to paper, dragon ("draggin'"), puff (smoke), traveling "along the cherry lane" (the burning ember of a cigarette or joint is called a cherry, and moves up the cigarette's length as it burns), and Hanalei (Honahlee) is a town in Hawaii known for marijuana use. This theory led to the song becoming a hippie anthem.(wiki)
TPBM doesn't listen to Peter, Paul Mary.....