3:11pm: Kennedy clarifies (via Twitter) that the Raptors have withdrawn their qualifying offer, but not necessarily renounced their rights to Weems. I'd expect that to be the next step, but either way, Weems is an unrestricted free agent.
2:49pm: The Raptors have withdrawn their qualifying offer and renounced the rights to Sonny Weems, according to Alex Kennedy of HoopsWorld (via Twitter). The move makes Weems, who was initially a restricted free agent, unrestricted and free to sign with any team.
The Celtics, Cavaliers, and Grizzlies were among the teams said to have some level of interest in Weems so far this summer. I'm not sure whether the wing is still on Boston's radar, given the deals the team has agreed to so far this month, but the Cavs and Grizzlies still appear to be solid fits. Memphis is targeting players that could sign for the mini mid-level exception or less, and it's unlikely Weems receives offers larger than that.
Weems, 26, spent the 2011/12 season overseas, but played for the Raptors in 2010/11, starting 28 of 59 games. He averaged 9.2 points in 23.9 per contest for the season.