Well, you got most of it right, except that "chronic" is used in both senses (both good weed and weed laced with coke or crack), but the good weed sense seems to be more common. But ultimately what defines the definition of a word, especially a slang word, is the people who use it, and often different groups of people use the same word differently and there's no way to say who's right and who's wrong.

P.S. I personally love the taste of resin but I think I'm alone on that.