"I just wanna say on behalf of myself & my partners, our intention was never to offend or hurt a culture(we love & respect) & hoped to celebrate & shine a positive light on," Michael wrote. "Last few days has been a lot of listening. A lot of learning & engaging in countless community conversations..."
The 34-year-old Creed star went on to explain that the brand will be renamed in light of the outcry.
"We hear you," he continued. "I hear you & want to be clear that we are in the process of renaming. We sincerely apologize & look forward to introducing a brand we can all be proud of."
Scrutiny of the brand began after Michael's girlfriend, Lori Harvey, posted images from an apparent launch party for J'Ouvert rum over the weekend and congratulated him on the new business venture, as seen in screenshots shared online.
J'Ouvert is a festival highlighting Caribbean culture and held annually in Trinidad, Tobago and Grenada during Carnival, along with being observed worldwide.
Among the social media users voicing their issues with the name was Nicki Minaj, who is Trinidadian. Earlier in the day on June 22, she reposted a message about the event's cultural significance and urged the actor to rename his rum.
"I'm sure MBJ didn't intentionally do anything he thought Caribbean ppl would find offensive," the rapper wrote. "but now that you are aware, change the name & continue to flourish & prosper."