Jay would, in 1998, take this line and build an entire song, called “A Week Ago”, out of it

Kanye would later go on to reference this line in the 2010 song H.A.M. (featuring Jay-Z) “It was all good just a week ago”

Like how a point guard (also called a “ball-handler”) handles the ball and “dishes out” passes in basketball, Jay has been handling drugs and passing them off in hand-to-hand sales since his teen years

The “LQ” in this rhyme is famed Latin Quarter nightclub in NYC. From 1985-89, the club was a hip-hop Mecca, referenced in song by Boogie Down Productions, Ice-T, and others. See Schoolly D perform at the LQ in 1986 here

One should equip oneself here with both knowledge and firearms, or else face the consequences

Indo, or marijuana, gets put into baggies to be sold and is then smoked. People who cross Crooked get smoked (shot) and then put into a bodybag

The lines call to mind (surely intentionally) this famous picture of Malcolm X:

This is not the first time Crooked has compared the amount of guns (“firearms”) he has to the number of actual arms possessed by a lot of animals

In this particular metaphor there is also a play on the word ‘bear’, because the animal (Koala) used here is wrongfully considered by many people as a ‘bear’ (it’s a marsupial, not bear).

C.O.B. is the name of Crooked’s label/crew/etc. It stands for “Circle of Bosses”, though he often claims it also stands for “Crip or Blood”, “Cash Over Bitches”, and “Conducting Organized Business”

Burners are “throw-away guns”, meant to be used only once, in the same way “burner” cellphones are

An octopus has a lot of arms, and if a bunch of them were burning, many “arms” would be on “fire”. Of course, the kind of firearms Crooked is holding have nothing to do with sea life

The word “octopi”, incidentally, is generally regarded as a hypercorrection — “octopuses” is the preferred plural