The film based on the true story behind the investigation into the murder of rap star Notorious B.I.G, also stars Forest Whitaker.
Global Road, which acquired the movie's original distributor Open Road last summer, has not set a new date for the project, reported Deadline.
The film was set to hit screens on what would have been the 46th birthday of the iconic rapper, aka Biggie Smalls, who was gunned down in 1997 in a drive-by in Los Angeles.
In the movie, Depp plays LAPD detective Russell Poole, and Whitaker is the journalist looking into the unsolved murder, which came six months after the death of Smalls' rap rival Tupac Shakur.
The film is pulled from release a month after Depp was sued by a location manager involved in the production who said the actor punched him.
The 10-claim suit, which also names Furman and producers Miriam Segal, Good Film Productions and Depp's Infinitum Nihil, seeks damages for hostile work environment, retaliation and wrongful termination among the claims.
Depp has faced a number of legal and financial woes, recently granting a wide-ranging interview to Rolling Stone that showcased the actor's decline.
Last month, he settled a lawsuit with his former managers who had accused the actor of spending money at an unsustainable rate.