The facility was due to be a new small-batch brewery in Saint John, New Brunswick, adjacent to Pugsley slip.

The company said: “We moved deeper into the planning phase of the project, we quickly began to get clarity on the overall project costs. The costs were more than anticipated, and although we tried everything we could, it became apparent that our scenario would push the project costs above acceptable levels.”

Moosehead President Andrew Oland, said at the time of the original announcement: “Returning to the Uptown Saint John area is meaningful and we couldn’t think of a better way to celebrate our company’s milestone anniversary than the opening of this brewery.

“This project is bigger than Moosehead. It’s about the role we can play on Water Street, in the Port of Saint John and in this vibrant and dynamic city we call home. We are so grateful to the City and the Port for their support of this project.”

However the new small-batch brewery was is pitched as a centre for education and innovation, will include two small-scale brewing systems.

Thus will allow the company to explore new product development and new brewing techniques.

The company had appointed Mackay-Lyons Sweetapple of Halifax as the architect for the project and FCC Construction of Saint John as the construction manager.

The build was expected to get underway early this year, and the brewery will opening later in the year.