Am I wrong for not allowing my son to hang out with this friend alone anymore?

My son came home and it's almost 2am. He's 16 and was laughing and acting strange. I assumed he was drunk but he was acting even weirder and energetic. He told me "Don't be mad momma!" And laughed. I asked him was he high and he said "Eddie spiked my drink with a little bit of molly! I can't even be mad!" And he kept laughing. I told him to go to bed. I'm angry. I don't like Eddie. This isn't the first thing he's done that I don't like but SPIKING someone's drunk. I want to ban my son from being around him alone anymore. But I know it's gonna be a fight. I know kids sometimes experiment with drugs and drink and stuff but if my son wouldn't have done it without being spiked then I think this friendship needs to end. It's toxic. I know it's important to let your teens have control over their own friendships but I think it's time to step in.