Shmips Share definition Flag Shmips is a slang word of saying a mixture of marijuana and cocaine wrapped in paper, this mixture originated in Brooklyn NY, Man1:hey did you see that guy smoking shmips?Man2: yeah, where'd he get that shit? Shmips by JefferyLake November 14, 2011 0 0 Get merch Get the Shmips mug. Buy Now — $32.95 See more merch