In Colombia it means lazy, timorous, cowardly, fearful, fearful. Also in some parts of Colombia it means that you have a lot of luck, lucky.
This voice is related to a meaning of panocha as "vulva", and is applied to a male as a synonym for "cowardly" rather than by some feminine attitude. It does not have the same meaning as the lunfardo 'conchudo' (masculine of 'conchuda').
PANOCHUDO in Mexico: Man who is just as joto as a woman. Cowardly, amariconado, effeminate