But, for now, let's remember that Mike doesn't know what is or isn't cool.
Panel 1: Mike tries his damnedest to look discreet as he tells Lawrence he intends taking Phil's pipe to the Poirier's to smoke it.
Panel 2: Lawrence is aghast as he asks Mike if he really intends smoking that thing.
Panel 3: He points out that they could get sick or get caught out; what he doesn't point out is that both things will happen.
Panel 4: Mike brushes this off by asking if he wants to feel good or look cool.
Summary: This, of course, is one of the earliest examples of Michael engaging in reckless, self-destructive and ultimately ridiculous behavior in a doomed effort to make himself look more impressive. The sad thing is that he never realized that all the people who laughed at him when he was a class clown were laughing at him instead of with him.