The following was revealed about the cancellation:
"As part of the deal, HBO Max also acquired the 14 seasons of Degrassi: The Next Generation, which ran from 2001 to 2015. Those episodes remain on the streamer.

Production on the series did begin as planned during the summer but then paused. A statement from WildBrain says “discussions concerning the contract with WarnerMedia are ongoing,” hinting that the company may try to find a new outlet for the series."
Lara Azzopardi (The Bold Type) and Julia Cohen (Riverdale, A Million Little Things) were set to serve as showrunners. Like its predecessors, the new Degrassi series would have followed the lives of high school teachers and students at the titular school.