While this move was likely a long time coming, The CW has formally announced today that they have decided to pass on the proposed Arrow spinoff Green Arrow and the Canaries.
The now-canceled show, which aired a backdoor pilot on January 21, 2020 as part of its flagship series' final season, was set to star Katie Cassidy (Laurel Lance/Black Canary), Juliana Harkavy (Dinah Drake/Black Canary II) and Katherine McNamara (Thea Queen/Green Arrow) in the lead roles.
Thanks to a considerable amount of pre-release buzz, the backdoor pilot managed to draw 893,000 viewers. This was a season-high, not including the "Crisis on Infinite Earths" crossover. It even managed to score considerably more viewers than the actual series finale the following week, as the uneventful final episode more or less closed out the show's run with a thud rather than a bang.
It's now unclear where the characters could go after this or if the series finale will be the last we see of them in the Arrowverse, but with some retconning, it seems possible that any one of them could reappear on The Flash, Legends of Tomorrow, Batwoman, or Superman & Lois at some point in the future (Supergirl and Black Lightning are both ending after their upcoming seasons, so it seems improbable any of the three starlets would appear in their respective final seasons).