Rolling Loud shared Lil Wayne's announcement on the festival's official Twitter page.
The rapper was set to play the top spot on one of the festival's three stages, the Audiomack Stage, at 10:55 p.m. (Wake Flocka Flame will be performing on the Monster Energy Stage at 10:30 p.m., while Travis Scott will take the Loud Stage at 10:50 p.m.)
Earlier on Saturday, following false reports of an active shooter at the festival's first night, Rolling Loud co-founder Tariq Cherif issued a statement and cited an abundance of law enforcement on the grounds.
Cherif said: "Shortly after 11 p.m. on Friday night, there was a disturbance that led a large group of fans to believe there was an active shooter within the festival grounds. The commotion resulted in these fans running out of the venue, some of whom were injured and/or scared in the process. Security and public authorities immediately sprung into action, established it was a false alarm and there was not an active shooter in the festival, and diffused the situation. Safety is #1 at Rolling Loud. We have hundreds of police officers and security guards hired to protect our fans. While we are upset this situation occurred, we are proud of the swift reaction of law enforcement to verify the area was secure."