"I wasn't trying to diss him," he added.
But despite Franco's comments that Bieber wasn't happy with the spoof, a source told E! the singer hasn't even seen the footage.
Which, if true, makes RadarOnine's report on the send-up a bit of a head-tilter.
According to the webloid, Bieber and his camp "are not pleased with the mock video", because "they believe it's proof Ashley cheated on" Bieber's pal Ryan Good.
"Justin was really angry about the video because Ryan was supposed to be Ashley's boyfriend at the time and she's seen crawling all over James," chimed a source.
"To Ryan and Justin, this was proof of infidelity. And they found it really immature that James and Ashley were rubbing it in their faces."
Added the source: "Justin can take a joke. He wasn't mad that James mocked his song, he was mad as the inside dig James and Ashley seemed to be taking at his best friend."
Last year, Franco denied rumours he was dating Benson and his other Spring Breakers co-star Selena Gomez, as well as Kristen Stewart.
"I also hear that I've been dating Selena Gomez, Kristen Stewart and Ashley Benson," he wrote in his Huffington Post column.
"Hot damn, am I a lucky guy. I wish I had actually gotten closer than the 13th row of the theater in Toronto where Kristen gave her On the Road Q and A, but I didn't. Not only did I not talk to her, I didn't even go to SoHo House where I supposedly asked her out on a date."
He added: "As for Gomez and Benson, those are Bieber's girls and I wouldn't dare tangle with the Biebs. I heard he wants to kick my ass. Yikes!"
One more time for the cheap seats...
Check out the (slightly suggestive in parts) video below:
- Rumour Has It