A gangsta thats sippin pink,

from Dom Kennedy (Ft. Casey Veggies & ScHoolboy Q) – Beats, Hoes, and Rhymes Lyrics on Rap Genius

Meaning

The pink that ScHoolboy is sipping is most likely purple drank (a mixture of codeine, cough syrup, and Sprite).
As Drake says “2 white cups and I’ve got that drink, it could be purple, it could be pink, depending on how you mix that shit”

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