Yes, you can removed that "for 1 lb" verbiage from the product page.
First, go to Store->View Products and select the product you want to edit. Once on the Edit Product screen, there are two settings under the Basics tab that we want to look at.
The "Weight" is the weight of the product, and is required for physical products. This weight is used for calculating shipping costs, but does not display on the product page.
The "Size," however, is the size verbiage that displays on the website. Just make sure this field is empty, click Save, and the website will only display the price, with no extra size verbiage.