PANAMA CITY BEACH, Fla. (WMBB) — One of the most popular annual events in the Panhandle will not take place this year.

Schooner’s restaurant has decided to cancel the Lobster Festival and Diving Tournament, originally planned for this fall. Management posted the cancellation on the Schooner’s Facebook page.

The post cites soaring costs, supply chain issues and complications caused by COVID-19. For those reasons, they said it’s become impossible to plan the festival.

However, they said they’re optimistic the Lobster Festival will be back in 2023.

Schooner’s declined our request for an interview or comment on the cancellation.