"The fearless women who had the courage to stand up and speak their truth about Harvey Weinstein are true heroes to us", said Tatum and his producing partner, Reid Carolin, in a joint statement.
Tatum's not the only Hollywood figure to cut ties with Weinstein. "They are lifting the heavy bricks to build the equitable world we all deserve to live in".
The project in question is an adaptation of Matthew Quick's young adult novel, "Forgive Me, Leonard Peacock".
"While we will no longer develop it or anything else that is property of TWC, we are reminded of its powerful message of healing in the wake of tragedy", he wrote in a Facebook post co-signed by "Magic Mike" writer and producer Reid Carolin.
Channing Tatum has abandoned a new project he was planning with producers at The Weinstein Company, stating he no longer wants to be associated with disgraced movie mogul Harvey Weinstein's former company.
Weinstein then suggested the Weinstein scandal is a "giant opportunity for real positive change", explaining: "The truth is out".
Weinstein has apologized for his behavior but denied all allegations of non-consensual sex.
Still, Weinstein was terminated by the board of his eponymous studio, only later to resign.
Tatum is the latest to jump ship as The Weinstein Company struggles to survive in the wake of mounting accusations against its co-founder. A final determination will be made by the PGA next month.