Ja Morant is off the hook in his gun video case -- at least criminally -- cops just announced the NBA star will not face charges ... even though he recorded himself brandishing a firearm at a Denver-area club over the weekend.

The Glendale Police Dept. cleared the 23-year-old on Wednesday afternoon ... saying in a statement that despite the "concerning" images on Morant's Instagram Live stream Saturday morning -- "there was not enough available evidence to charge anyone with a crime."

Cops said the incident took place on March 4 just hours after the Grizzlies game against the Nuggets at Shotgun Willie's -- a Gentleman's club located five or so miles from Ball Arena.

"In this case," police said, "it should be noted that on the night in question the GPD did not receive any calls for service at the nightclub regarding a weapon of any type. Subsequently, no disturbances were reported, and no citizens or patrons of the club came forward to make a complaint."

"The investigation also concluded that no one was threatened or menaced with the firearm," they added, "and in fact no firearm was ever located."

While cleared legally ... Morant is still facing potential punishment from the NBA -- the league announced it launched its own investigation into the matter that has not yet concluded.

While the probe continues onward, Morant -- who apologized for the video and vowed to seek out help afterward -- has remained away from the Grizzlies.

A timetable for his return to the hardwood has not been set yet.