It's making canutes, which can have multiple meanings, so the meaning will depend on the context. Perhaps the least common is to "put cigarettes together", or smoke them, and in this case it applies to joints. Another would be a variant of channeling, such as the attitude of a canute (lunfardo). But the most commonly used is to "preach, evangelize, talk about morality, religion"; which in principle was derogatory but today they use it even religious.
