Are you speaking of the stuff in the milk-like cartons (full of additives) or the real stuff in cans which is made from grated coconuts? If it's the latter and full fat, you may want to cut it with water by half or use light coconut milk in cans which has water added. I am just not sure what would happen if you substituted 1:1 with the full fat version. You could also google pancakes made with coconut milk recipes to ensure you use a tested recipe.
Traditional coconut milk (the very creamy stuff in cans) is a lot richer than even whole milk, which would make your pancakes very rich, coconut flavored, and somewhat different in texture than you might expect. The coconut milk drink that's sold as a nondairy milk substitute (often refrigerated in paper cartons like milk) is less rich and less intensely coconut flavored, and should act similarly to milk in pancakes.
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