Degenerate acquired drug to carry round (2,2,3)
I believe the answer is:
go to pot
'degenerate' is the definition.
(thesaurus)
'acquired drug to carry round' is the wordplay.
'acquired' becomes 'got' ('get' can be a synonym of 'acquire').
'drug' becomes 'pot' (slang term for cannabis).
'to carry' is an insertion indicator.
'round' becomes 'o' (round can mean a round object).
'got'+'pot'='gotpot'
'gotpot' placed around 'o' is 'GO TO POT'.
(Other definitions for go to pot that I've seen before include "Deteriorate through neglect" , "Deteriorate, like food ready for cooking?" , "crumble?" , "Approach snooker table" , "run down" .)