Promoters cancelled the festival on Sunday afternoon as a summer storm brought heavy rains and lightning to the area around the concert venue at Downsview Park.
The cancellation prompted many to turn to social media demanding a refund.
In a statement issued Wednesday, promoters said customers who bought tickets directly from TicketMaster and other authorized points of sale will receive the refund.
The promoter also issued the following statement this afternoon:
"We are extremely disappointed that we had to cancel a portion of the second day of the festival but VELD Music Festival stands by its decision to evacuate Downsview Park due to approaching high winds, lightning and hail storms in the area. The safety of our patrons is always our number one priority."