Wizards 2 was a planned sequel to the 1977 animated fantasy film Wizards. Ralph Bakshi, who produced and directed the first film, was to return for this one as well.
Not much is known other than that it was to focus on the relationship between Avatar and Elinore, mostly how it would not work out and Weehawk gets in the way.
Why It Was Cancelled
The film never entered production due to production difficulties and Bakshi being involved with other projects.
The film was shelved, though there have been attempts to revive it.