Took both pills, when a bloke in a trench coat
And the locs in the chair had approached him here
“Locs” is Southern California slang for sunglasses, e.g.,
“I’ve got my locs on, I’ve got my locs on,
If they can’t see my eyes, then they can’t see I’m high"
The part about the pills is a Matrix reference: in the movie the peculiar looking dudes in the trench coats asked whether Neo wanted to take the red pill or the blue pill; Lupe took both.
The larger theme at play here is Lupe’s duality: his existence in both the commercially-corrupt and artistically pure worlds of rap, so this is pretty congruous.
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