The Squamish Valley Music Festival in British Columbia was abruptly cancelled this week, with the announcement coming via a post on their official website.
"We have made the extremely difficult decision to not proceed with the 2016 festival, due to take place in August. This decision was not made lightly and we sincerely apologize to all the people this decision affects: the fans, artists, industry partners, corporate partners, suppliers and all of our supporters within the community of Squamish."
First opening its gates in 2010, the multi-day festival previously featured headliners including Drake, Sam Smith, and Arcade Fire. However, as THUMP recently reported the depreciating value of the Canadian dollar has had a significant impact on festival bookings in 2016.
Andrea Graham, the founder of another prominent BC-based music festival, Bass Coast, told THUMP "I think the Canadian-owned festivals will have the hardest time. They need to find that balance between making the change in the dollar work for their own budget."
This announcement follows the demise of the TomorrowWorld Festival in the United States, which also cancelled its 2016 event. In a somewhat strange twist, Squamish Valley Music Festival appears to have shut down all of their social media accounts since the posting went up.
Neither Live Nation nor BrandLive, the companies behind Squamish responded to THUMP for comment at the time of publication.
Gigen Mammoser is on Twitter.