The festival is the third the promoters have cancelled in the last 15 months.
In a statement on their website, organisers said the cancellation was "the final nail in the coffin" to the company and would "kill the brand for good." The statement added that all tickets would be refunded.
The festival, whose headliners included Floating Points, Larry Heard and Peggy Gou, was due to take place in Sohail Castle in Fuengirola, Spain. It's the third festival to be cancelled by the Swedish promoters, Music Goes Further, in the last 15 months.
The last planned edition, Into The Castle, was scheduled for Cape Town, South Africa, in January 2018, but was axed due to "an acute liquidity shortage" from previous cancellations. (The losses from that cancellation ran to at least €400,000.) A Swedish festival, Into The Factory, planned by the same firm for August last year was shuttered after a failure to secure police approval for the site. In October 2016, organisers announced ambitious plans to launch six new festivals, including the subsequently cancelled events in South Africa and Sweden. Only one event, in Estonia in 2017, went ahead.