03/03/2016 08:22 EST | Updated 03/04/2017 00:12 EST

B.C. music fans disappointed as 2016 Squamish Music Festival cancelled

SQUAMISH, B.C. — Vancouver-area music fans are upset about the unexpected cancellation of a major summer music festival.

A post on the Squamish Valley Music Festival website says the 2016 event, slated for early August, has been cancelled.

The terse notice offers sincere apologies and says the decision was not made lightly, but doesn't give reasons, and co-producers Brand Live and Live Nation have not commented.

Squamish Mayor Patricia Heintzman says loss of the three-day festival is a blow to the district, about 60 kilometres north of Vancouver, because last year's event pumped an estimated $15-million into the area.

She hasn't had an explanation from concert organizers, but suspects the cancellation may be linked to the low Canadian dollar pushing up the cost of attracting A-list talent.

Almost 120,000 people attended last year's festival, headlined by artists including Drake, Sam Smith and Mumford and Sons. (CKNW, CTV)

The Canadian Press