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It means: “Colored People Time” it plays off the stereotype that brown and black communities often run late when they have somewhere to go.
A person of color: “The party is at 6pm”

Other person of color: “Bet I’ll show up at 7:30 then I know you run on CP time
by Rose_den225 January 29, 2021
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Apr 2 Word of the Day
Music so good it could elicit sexual arousal.
The new We Came As Romans albums is chock full of bonerjams.
by lpvitus October 28, 2009
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2
Cautious Politician Time. When a friend of a candidate for the presidency makes a racist comment while the candidate stands next to them and, instead of saying "That's not cool, Bill," later "clarifies" the comment by inventing a definition that nobody in the history of anything has ever used.
Hillary Clinton: Thanks for the endorsement, Bill. Took you long enough.
Bill deBlasio: Sorry, Hillary. I was running on CP Time.
*much later*
Hillary Clinton: CP Time actually stands for cautious politician time, not colored people time.
by thatduncan April 11, 2016
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