In a statement on their website,the organizers have confirmed that the Squamish Valley Music Festival has been cancelled for Summer 2016.
It was set to take place from August 5th to 7th.
Organizers have not indicated why they made the decision to cancel, and a representative for Brand Live — which co-produces the event — was not available for comment.
But a message posted on the festival’s website says the decision was not made lightly.
Organizers are apologizing to those affected by the decision, including fans, artists, industry and corporate partners, and suppliers.
Last year, the event was believed to have generated over $30 million in economic spin-offs for the region.
Squamish Mayor Patricia Heintzman says it’s tough for her district, which received a 15-million dollar economic boost from the festival last year alone.
“Everything from hardware stores and retail, to hotels, gas stations, all that sorts of things, in that two to three week frame, by the time they set up and tear down and during the festival.”
Heintzman says she was told the decision to cancel was a business one.
She suspects partially related to the low Canadian dollar, and competition from other festivals.
The 3-day festival was launched in 2010, taking place on the Logger Sports Grounds and Brennan Field Park Complex in Squamish, BC.
Past performers at the festival include Bruno Mars, Drake, and Sam Smith.