Bring a large pot of water to a boil. Slowly add desired amount of tapioca pearls. Bring water back up to a simmer and cook about 20 to 30 minutes, stirring occasionally so pearls don't clump together. Rinse pearls in cold water once cooked.
Pour boiling water over dried hibiscus flowers and sugar; let steep for at least 10 minutes. Allow liquid to completely cool before making drink. Strain flowers. Place tapioca pearls, ice and hibiscus mixture in a tall glass. Add a splash of coconut milk. Stir and enjoy!