Which brings us to the supplier: Mr. Walters (Rob Riggle).
It invokes the Oscar winning Steven Soderbergh film of 2000, Traffic, when cocaine is transported in the shape of a doll (and other child's toys). Pinatas celebrate birth (they are popular at birthday parties) but they carry the instruments of death; just as the Youtube student who died from the drug wasn't celebrating the birth of Christ--the Noel for us all--which led to his death, so the taking of what the pinatas hold is also a celebration of death, not life. It also reminds us of the problem we had in 2000, and how that problem hasn't gone away, it's gotten worse.
He gets shot in the neck twice, because the neck symbolizes what guides us (like a yoke or a collar) and twice in his life, he has allowed false, superficial things to control him and only when he is dying does he realize it. Why? Obviously, when we are losing our life, everything is being taken from us and we see what is really important, but more importantly, it's so the audience will hear the lessons about what guided his life so we can repent of making the same mistakes before it's too late. (Schmidt mysteriously gets stabbed in the back at his party; why? It foreshadows how Jenko will stab him in the back by sabotaging the school play, even though Jenko feels Schmidt is stabbing him in the back).
Schmidt and Jenko have that huge party at Schmidt's house and Schmidt's parents return during it, and as Mrs. Schmidt is blowing up, she mentions that she knew Robert Downey Jr. when he was still on drugs and was still fun. Now, the little logo picture on the HFS drug wrapper is a tornado; given how well Mr. Downey's life is going now, do you think he would want to go back to that "stormy" lifestyle he worked so hard to overcome and that nearly ruined him? This hysterical monologue Mrs. Schmidt makes demonstrates the problem between reality and perceived living it up and having a good time, and how no one thinks about "paying the piper."
Because we all have talents, whether we are more like Schmidt or Jenko, none of us can do it alone, and films such as 21 Jump Street go a long way in reminding us of all talents and our needs, and how we shouldn't hesitate to let another shine so we can do our own shining later.
Moneyball and the Great American Economy ; more on Channing Tatum can be found in The Eagle & the End Of the Known World.