Hey Snackers,
Itâs a good old-fashioned #BillionaireBrawl: Musk and Zuckerberg said they'd cage-fight each other, and both suggested they're serious. Keep an eye out for Zuck's patented "FB poke" maneuver.
Stocks finished mixed yesterday as Fed Chair Powell told the Senate that more rate bumps are likely on the way. Meanwhile, a larger-than-expected hike from the Bank of England added to investorsâ anxieties.
The USDA clears cell-grown meat for sale as labs try to do what plant-based couldnât
Tastes just like chicken⊠The USDA approved two companies to sell the USâs first lab-grown meat: chicken cultivated from animal cells in a lab. With previously granted FDA approvals in hand, Upside Foods and Eat Just plan to debut the experimental meat at two high-end restaurants in DC and San Francisco. There the Anton Egos of the world will decide whether science chicken tastes good or gives them the ick, and the companies can take any feedback into consideration as they expand production.
Foodie nation: The US is the second country to approve the sale of lab-grown meat, after Singapore, and experts say other countries tend to follow the USDAâs lead.
Cell-grownâs sell: Cell-grown is slaughter-free, and companies say itâs good for biodiversity and could reduce emissions, though critics debate some of the benefits.
Growing portions: 150+ companies have raised $3B to cultivate meat and seafood. The industry was worth about $250M in 2022 and is projected to hit $25B by 2030.
Overcooked plant patties⊠Cell-grown companies are trying to enter the market as plant-based options wilt. As consumers questioned the healthfulness of the âmeatâ and its high price, Beyond Meat and other plant-based products have seen sales flattening or falling. Cell-grown companies say the problem is in the patty, arguing their product is real meat âthat preserves life,â Upside Foodsâ CEO said. Big Meat disagrees and is lobbying to strip the âmeatâ label from cell-grown (like Big Dairy vs. alt-milks).
Warming up a new product takes time⊠Getting approvals to sell cell-grown meat was slow going, and it may just be the first lap in a marathon of getting consumers to put it on their plates. As a never-been-done product, cell-grown meat has an ick factor to overcome. And if companies can conquer consumersâ taste buds, affordability will be the next challenge before cell-grown can transition from Michelin-starred restaurants to Walmart.
Massive psychedelics conference sees big names advocate for FDA approval
Rocky Mountain high⊠Whatâs being billed as the largest psychedelics conference ever is underway in Denver this week with 10K attendees, including music artist Jaden Smith and Whole Foods cofounder John Mackey. NFL star Aaron Rodgers, speaking at the conference, credited ayahuasca with his back-to-back MVP awards. The event is a Colorado housewarming for the psychedelics industry, after the state voted last year to decriminalize psilocybin mushrooms.
Not for sale: Colorado law regulates the supervised use of psychedelic plants (think: in therapeutic treatments) but stops short of allowing recreational sales. First, experts say, more studies are needed.
Buddy system: Colorful Colorado is the second state to decriminalize psilocybin after Oregon. Oregonâs law went into effect this year and allows each city and county in the state to ban the practice if they choose (many have).
Getting a foot in the âshroom⊠Psychedelics like magic mushrooms, MDMA, and ketamine have become pharma darlings, as clinical trials show their potential as a treatment for mental-health conditions like PTSD. Investors are racing to tap into a market that analysts say could grow to $8B by 2027. This week, Toms Shoes founder Blake Mycoskie pledged $100M to support research, and NY Mets owner Steve Cohen pledged $5M to the nonprofit hosting the Mile High conference.
Hopes of returns are beating legal concerns⊠Despite still being early on the journey to FDA approval and recreational sale, investors hope that psychedelics can one day bring them the returns seen in cannabis legalization. VC bucks have poured into the space, with companies like Transcend Therapeutics, Gilgamesh Pharmaceuticals, and Lusaris Therapeutics raising tens of millions this year alone. But even weed hasnât yet been able to shake its federal classification as a Schedule 1 drug.
The Crypto Catch-UpâŠ
đȘ Coins⊠Bitcoin's price climbed past $30K as four institutional investors including BlackRock filed applications with the SEC to launch bitcoin ETFs. If approved, the spot ETFs would give investors crypto exposure without having to own coins.
đ Policy⊠Fed Chair Powell said stablecoins (picture: USDC, tether) are a "form of money" and that the central bank should have a role in regulating them. A House committee is set to vote on a bill detailing stablecoin regs next month.
đ€čââïž Quirky⊠An NYC crypto miner's in hot water and loving it. Bathhouse, a Brooklyn spa, said it's using heat generated by its bitcoin mining rigs to warm its pools, and cooler water from tubs to chill its mining setup. Talk about a crypto dip.
What else weâre Snackinâ
Garlic: Olive Garden parent Darden boosted its dividend after beating estimates as consumers loaded up on breadsticks. But the stock fell after Darden said appetite for its fine-dining spots like Capital Grille cooled.
Update: After a complicated dayslong search, the US Coast Guard said yesterday that the missing Titan submersible suffered a âcatastrophic implosionâ that left its five passengers dead.
Charge: A Ford Motor joint venture scored a record $9.2B loan from the US govât to build three EV-battery plants in the South. The move backs up President Bidenâs goal of boosting âMade in Americaâ electric vehicles.
Swipey: NBC's Peacock is in a relationship with Tinder and Hinge parent Match. Peacock will offer a free three-month subscription to Matchâs users as it tries to win hearts in the streaming showdown.
Curtains: The Emmys, scheduled for September, could be pushed to next year. Itâs the latest fallout from the writersâ strike, which has delayed numerous movies and shows.
Friday
- Earnings expected from CarMax
Authors of this Snacks own bitcoin and shares of: Beyond Meat, Comcast, and Match
Correction: An earlier version of this newsletter misstated that Ford scored a loan of $9.2M. It was $9.2B. We regret the error.