Master P Sues Equity Firm for Backing Out of His Weed Company
From the rap game to Nickelodeon TV shows to basketball leagues, Master P's touched just about everything there is to touch during his legendary career as a rapper/music mogul. With that in mind, it's not too surprising to see he's tried his hand at the burgeoning legal marijuana business. Unfortunately, the equity firm he aligned himself with for the venture apparently hasn't lived up to their end of the deal, so now the New Orleans-bred rap legend is hitting them with a lawsuit.
According to TMZ, Master P is suing Privateer Holdings for unexpectedly reneging on a deal they apparently made last March. The No Limit boss claims the firm agreed to produce and distribute his Master P's Trees brand of weed in a one-year deal. For his part of the arrangement, P agreed to promote the brand and cover half of the production costs. The product was supposed to debut around the time of a music festival P was performing at. Unfortunately, that didn't happen because Privateer Holdings allegedly backed out of their agreement that same month.
Now, Master P is claiming that Privateer Holdings never actually intended to collab with him and that they simply wanted "an inside look into the urban and hip-hop demographic of cannabis users" to use for their own purposes. The rapper/mogul is now suing Privateer Holdings for fraud and breach of contract. He wants $25 million in lost profits and damages.
The company did not respond when TMZ reached out for comment.
See New Music Releases for November 2017