According to Tommy Chong and various sources, this movie made more money on a second-run on double-bill with The Blues Brothers (1980) than it did on its first release. Interestingly, Paul Reubens appears in both films.
In the version edited for TV, the duffel bag of pot they're cruising around with is filled with 'diamonds' instead. And instead of getting them insanely high, the aliens simply teach them to 'fly like Peter Pan'.
The name of the movie being shot during the film-shoot was "Wanda's Revenge". Prince Faggot, the D.O.P's name (under "Camera") on the clapper-board during the film-shoot, was a reference to cinematographer King Baggot.
In the sequence where Chong & Red get invitations to a massage parlor from the cocaine-seeking roller-hooker, you can see a sign in the background for a Lincoln Savings and Loan- the now defunct enterprise that started the savings and loan crisis in the 1980's.
The movie is bookended by animated sequences, the opening one spoofing the Universal Pictures logo, it being encapsulated by a large paper joint. Later, Cheech and Chong would make an entire animation film called Cheech & Chong's Animated Movie (2013).