Monsanto Company (NYSE:MON) will withdraw its applications seeking approval for genetically modified (GM) crops in Europe, according to European Union officials, Bloomberg reported Thursday.
The majority of GM crop applications pending with the European Commission were from Monsanto, an EU spokesman told Bloomberg.
“It’s clear there isn’t a path to market and commercialize GM products for cultivation in Europe,” said Monsanto spokesman Mark Buckingham. “We need to focus our limited resources where we can get the best return. In Europe, there are significant opportunities in conventional breeding.”
Monsanto previously worked to dilute successful GM labeling legislation in Connecticut, where lawmakers ensured that their GM legislation would only take effect if some other states adopt similar laws.
In many states, lawmakers fear litigation stemming from the passage of GM legislation. A successful suit could strike down the laws and be an expensive blunder, if food companies or other parties show that such laws pre-empt the authority of the Food and Drug Administration (FDA), or unfairly impede commercial speech or interstate commerce.
Nat Rudarakanchana covers commodities and companies for the International Business Times. He is especially interested in precious metals, the food and drink industry, and...