Master P Sues Cannabis Company for Leaving His Weed Brand High and Dry

Master P teamed up with a cannabis company to help spread his own brand of bud across California, but it bailed on him and cost him millions ... according to a new suit.

The rap mogul joined the legal cannabis industry in November 2016 with the launch of his brand, Master P's Trees ... and claims he struck a deal with Privateer Holdings in March 2017 to produce and distribute his products in Cali.

According to the docs ... the deal was for 1 year, and Master P would promote the brand and cover half the production costs -- profits would be split down the middle. The official product launch was set for a July music fest where P was performing.

Problem is -- according to the suit -- Privateer reneged on the deal in late July and left Master P holding the bag.

The rapper's suing for breach of contract and fraud, claiming Privateer never really wanted to work with him but rather get "an inside look into the urban and hip-hop demographic of cannabis users" for its own benefit.