UPDATE: The festival is back on. Osheaga posted the following update to their Facebook:

NOTICE: The Funk Hunters are going live now on the Island Stage and BADBADNOTGOOD will replace De La Soul at 4:10 on the Green Stage.
London Grammar will hit the Mountain Stage at 3:50PM
Glass Animals: now
The Shins: 5:15 - 5:50
Tove Lo: 5:50 - 6:30
After, going back to regular schedule

UPDATE 2: Noname and De La Soul's sets are now cancelled, as per Osheaga:

UPDATE 3: Even more changes are in store at Osheaga on Saturday:

Due to travel issues, George Ezra will not be performing. Dawes will be replacing at 4:10PM on the Virgin Mobile River Stage.
The Damn Truth will be taking DAWES original time slot at 2:45PM on the Virgin Mobile River Stage
Due to travel issues, Lil Uzi Vert will not be performing and has been replaced with Tory Lanez at 7:20PM on the Virgin Mobile River Stage.
Due to travel issues, Darius will not be performing at the festival. GrandBuda (LIVE) will be playing instead from 4:45PM to 5PM on the Bacardi Island Stage.
Darius & CRi w/ Dead Horse Beats | Official Osheaga Afterparty at Newspeak is still taking place.
CHOIR CHOIR CHOIR will now be performing from 10:35 PM 11:20PM on the Sonnet Green Stage.

Like at Lollapalooza yesterday, Osheaga in Montreal is currently having its first day interrupted by weather. Sets are on hold while a thunderstorm and torrential rain pass through the area. Andy Shauf had to leave the stage, while Angel Olsen's upcoming set is still on hold. Stay tuned for more from Osheaga.

Earlier today, Solange dropped off the festival's lineup, citing "production issues."