Billboard is reporting that Woodstock 50 at Watkins Glen has been canceled.

According to their website, officials at Dentsu Aegis Network, which was bankrolling the festival was quoted by Billboard as saying:

“It’s a dream for agencies to work with iconic brands and to be associated with meaningful movements. We have a strong history of producing experiences that bring people together around common interests and causes which is why we chose to be a part of the Woodstock 50th Anniversary Festival. But despite our tremendous investment of time, effort and commitment, we don’t believe the production of the festival can be executed as an event worthy of the Woodstock Brand name while also ensuring the health and safety of the artists, partners, and attendees. As a result and after careful consideration, Dentsu Aegis Network’s Amplifi Live, a partner of Woodstock 50, has decided to cancel the festival. As difficult as it is, we believe this is the most prudent decision for all parties involved.”

The festival, which was scheduled to be held on August 16, 17 and 18, has hit a couple of snags along the way including the postponement of ticket sales while organizers worked to get permits approved by New York State.

According to the report, more than 30 million dollars has already been spent securing the artists for the event.

We will update you with more information as we get it.

[via Billboard]