Got out about an hour ago, I sadly think it's a miss despite a solid opening with dumb Scandinavians in the wild. Most of the setup is a lot of short disjointed scenes with hit or miss jokes, and not a lot of bear or cocaine. We're asked to keep track of about a dozen characters and there's not a lot of wit in the script to keep the pace up. There's a very funny scene around the middle involving an ambulance, but mostly it's rare that it got a laugh out of me (or anyone else at the screening).
I prefer goofy creature features like this with dumb looking puppets or guys in costumes. It reminded me a little of Zombeavers from a few years ago, and I wasn't even particularly a fan of that movie but I wish Cocaine Bear had more of that movie's low budget shitty puppet charm.
The movie then ends on a whimper of a third act, so I didn't really get much out of it despite really getting into it in the first 5-10 minutes. I was at least happy to see that Elizabeth Banks plucked the opening song from Wet Hot American Summer, it certainly set the tone right.