If you flip something you make a profit out of it.
Let's say you bought a 5-stick pack of gum for
25 cents and you sell every stick for
10 cents (giving you 50 cents) you just flipped the pack of gum.
I heard there was a show where people flip houses.
They buy some houses, fix them up then sell them for more than they paid.
So I guess you could flip anything, but when I hear someone say they flipped something I'm usually thinking about narcotics.
In the example, "pound" is probably
a pound of chronic, cocaine, etc..