Master P was using a cannabis business to help spread his own brand of marijuana across California, but it bailed on him and cost him tens of thousands ... according to a new suit. He wants at least $25 mil in lost profits and damages. We reached out to Privateer Holdings ... no term back so far. The rapper's suing for breach of contract and fraud, asserting Privateer never actually wanted to work with him but instead have "an inside look into the hip-hop and urban demographic of cannabis users" for its own benefit.
According to the docs ... the deal was for 1 year, and Master P would promote the brand and cover half the production costs -- gains would be split down the middle. The official product launch has been set for a July music fest where P was doing. Problem is -- based on the lawsuit -- Privateer reneged on the deal in late July and left Master P.
The rap mogul joined the legal cannabis industry in November 2016 with the launch of his trademark, Master P's Trees ... and claims he struck a deal with Privateer Holdings in March 2017 to produce and distribute his products in Cali.