This song is about the drug culture in America. Everybody does it... the difference is people like Maynard admit it while police and government officials do it then accuse everybody else of it and pretend like they don't. He uses a lot of metaphors, such as "Pot calling the kettle black," hence the song name "The Pot." Maynard is the black kettle and the police/government are the pot.
In a Guitar World interview, Adam Jones confirmed that the title of "The Pot" was a reference to an idiomatic term for hypocrisy (i.e., the "pot calling the kettle black"), in addition to the colloquial term for marijuana.
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