Yup, looks like a typical M8 / M18 smoke grenade. I've used the latter (colored smoke) several times for determining LZ wind direction and other shenanigans during my misspent yoot.
Of course, that same fuse may be used on CS grenades and flash-bangs. So you definitely don't want to pull that pin without knowing 100% what you have there.
If you remove it from the cardboard sleeve, it should have writing on the barrel ID'ing what it is.
