Old buccaneers run out narcotics (7)

I believe the answer is:

opiates

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'narcotics' is the definition.
(I know this)

I don't understand how the remainder of the clue works.

(Other definitions for opiates that I've seen before include "Poppy-derived drugs" , "Drugs that dull the feelings, sedatives" , "Makes dull" , "Branch of narcotics" , "Narcotic drugs" .)

I've seen this clue in the Sydney Morning Herald.

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