officially withdraw or end something
rescind - withdraw
To ‘rescind’ is a formal word which is used in reference to cancelling or officially removing any legal power from something such as a law, order, or agreement. In other words, it invalidates them. Rarely used in anything other than a professional context.
For financial reasons, I have decided to rescind my offer for that business.
The government rescinded their new policy after a wave of protests.
The order I have given is not rescindable! I insist that it is carried out to the letter.