The St. Louis-based company said it would prefer to settle the case for $2.4 million rather than pay for an extended legal battle.
Measure 92 trailed by 1.2%, with fewer than 51% of voters in opposition.
A new study shows that food costs for Oregonians would increase only about $2.30 per person per year if voters pass Measure 92.
Bans on genetically modified crops create uncertainty for farmers.
A worldwide shortage of hazelnuts this year is sending big buyers to Oregon hazelnut orchards to fill the void.