Grammatically, you need a semicolon after "open it;" -- but it's very understandable. On a simpler note, we might say: I just dropped the bottle, so watch out when you open it -- it might explode.
We'll assume it was an accident and we probably don't need to know it was "on the street." Pepsi has a capital P... but, again, if you've just handed it to me, I can see that it's a Pepsi, so you don't need to say it.
Which reminds me that you probably don't even need "the bottle." You hand it to someone and say: I just dropped it, so watch out when you open it -- it might explode.