I get hella stoned and watch Foodfight! at least once a year. It’s my “favorite” movie.
Everything about it, from the implied beastiality between Charlie Sheen and Hillary Duff, to the weird gay bat, to the shitweasel 
is a masterclass in what not to do in a movie. It transcends badness and becomes something sublime. The entire plot is about how store brands/generics are Nazis, and one of the Nazis absolutely chews the scenery in a way that makes Brian Blessed look reserved.
It’s a tie between: The Adventures of Buckaroo Bonzai Across the 8th Dimension
See John Lithgow chew the scenery as the villain, plus Jamaicans are the good guy aliens. Classic bad movie, but fun to watch.
and
Remo Williams
It’s terrible, it’s racist and sexist in a 1980s way. But it has Kate Mulgrew and she’s awesome in it.
My dad and I make a point to watch Buckaroo Banzai at least once a year. Great movie.