Woodstock 50 has been canceled.

Billboard has released a statement from officials with Dentsu Aegis Network who is funding the festival:

“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."

Last week we reported that planning for Woodstock 50 wasn't running smoothly, tickets didn't go on sale as planned, and if they did how many would sell for $450.00 each? Necessary permits were not acquired from the NYS Dept of Health, and there were so many issues that we're sad but not surprised.

The festival was scheduled to run from August 16-18 at Watkins Glen.

Photo by Mario Tama/Getty Images