Not really:

Effects: totally different. We're never told of characters taking spice and manically talking/full of energy like with cocaine. It seems more akin to a hallucinogenic than cocaine and seems to relax people (not to mention see through space/time).

Form: seems to be used in a fairly natural plant form rather than produced from some highly industrial process. Sounds more like marajuana to me.

Smell: constant references to the pungent smell of spice. Seems more similar to an actual spice or maybe marajuana.