I’m fresh out the can, I’m canned goods

from Busta Rhymes (Ft. Chris Brown, Lil Wayne & Missy Elliott) – Why Stop Now (Remix) Lyrics on Rap Genius

‘Can’ means ‘prison’. Wayne was released from prison in November 2010, so he is fresh out of the can.
And ‘canned goods’ is a slang term for ‘virgin’, then He is ‘fresh’! He is unexperienced, or his dick is unused.

But actually not…

To help improve the meaning of these lyrics, visit "Why Stop Now (Remix)" by Busta Rhymes (Ft. Chris Brown, Lil Wayne & Missy Elliott) Lyrics and leave a comment on the lyrics box