Pepsi, n. — Green’s Dictionary of Slang

Pepsi n.

[their drinking of Pepsi-Cola, rather than more potent ‘men’s drinks’]

(Can.)

1. a modern, young French-Canadian (as opposed to their older forebears).

1978		Maledicta II:1+2 (Summer/Winter) 167: Pepsi Any modern French-Canadian, especially a Quebecker, after Pepsi-Cola, the favorite beverage of young French-Canadians.
1983		Maledicta VII 27: The only soft drink that has become an ethnic slur is Pepsi, a popular nickname for French Canadians, referring to their alleged predilection for Pepsi Cola.

2. an English-Canadian.

1971

Current Sl. V:4 17: Pepsi, n. An English-Canadian (An extremely derisive term).

3. (N.Z. prison) cocaine [playing on the usu. Coke].

2001

D. Looser Boobslang [U. Canterbury D.Phil. thesis] 138/2: Pepsi n. cocaine.