Armed police descended on the town centre at around 5pm yesterday where a search was carried out to find the assailants.
However no one was found and the victim, who suffered no injuries, was checked over and taken home.
No arrests have been made but enquiries are underway, said Staffordshire Police.
Video footage posted to social media showed a large police presence and at least one ambulance on Ringway.
A spokesman for the force said: "Officers were called to Cannock town centre at around 5pm last night to reports a teenage male was being threatened by a small group potentially armed with a bladed weapon.
"Armed officers were initially deployed to carry out an area search before taking up reassurance patrols.
"The young person was checked over and suffered no injuries and was taken home by officers. Enquiries are underway and no arrests have been made."