The name of the movie plays with two of the main concepts addressed in the movie: drugs (pico is a slang for heroin) and military forces (pico is the abbreviation of picoleto, a slang for the Civil Guard).
This movie it's a great example of "cine quinqui" which stands for "delinquent movies"; it was a film movement in Spain started in the years following the death of Franco: mid-1970s to late-1980s. Many of the actors were real delinquents just performing as themselves. They relate underclass delinquents, drugs, and love.