Whole Foods Rejects Popular Yogurt Brand Because of GMO
Whole Foods Market (NASDAQ: WFM) will reportedly stop selling America's most popular brand of Greek yogurt, Chobani, early next year, because the yogurt contains genetically modified ingredients.
The Wall Street Journal reports Whole Foods is removing Chobani to make room for other brands of yogurt that don't contain genetically modified organisms or GMOs. The high-end food chain will reportedly require that, by 2018, any products in its stores containing GMOs will disclose that fact on the product's labels.
According to the Journal, privately-held Chobani now has annual retail sales of around $1 billion annually. The company is facing intense competition from Groupe Danone (OTC: GPDNF), the maker of Dannon, as well as from General Mills Inc. (NYSE: GIS) in the rapidly-growing Greek yogurt market.
Whole Foods currently has more than 365 stores worldwide, but its executives tell CNBC they want to expand to 1,200 locations in the U.S. alone.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.