Dude, since I don’t count movie!QOTD (yes I was excited about it when it was announced, and when it was filming, but then… not so into it when I saw it), I’ve been waiting since ‘94 for another adaptation, so I’m just sitting here like:

But every time AR posts about it, yeah, I still get at least a little excited bc I am easy to please and it’s difficult to disappoint me. CAUTIOUSLY OPTIMISTIC ALWAYS.

[^X This was posted about 2 months ago].
As far as I know, yes, the movie was cancelled. But AR has the rights to VC now and is developing just the TV series for now. She and Chris had written the script for a movie, so they still have that if they want to do a TV series leading into a movie. The X-Files was a TV series that had two movies and then went back to being a TV series much later.
For more on this, check out my #Expectations for the adaptations, #VC News tag (ppl keep me informed of stuff so I can post it here!) and the Official VC FB page.