Sources say Warner Bros. were reluctant to move forward with the film because they failed to see potential for blockbuster success, despite a relatively low budget of $30 million.
Thankfully, this doesn't mean an end for the follow-up to the classic 90s comedy. Directors Bobby and Peter Farrelly will continue to shop the film to other studios.
Jim Carrey and Jeff Daniels have both signed on to the cast and are excited to reignite their quirky roles.
No official release date for the film has been announced.