🐔 Lab meat on the menu

…and a psychedelics conference attracts big investors   Homemade look, lab-made interior (Good Meat)   Yesterday’s Market Moves   Dow Jones 33,947 (-0.01%) S&P 500 4,382 (+0.37%) Nasdaq 13,631 (+0.95%) Bitcoin $30,056 (-0.01%) Dow Jones 33,947 (-0.01%) S&P 500 4,382 (+0.37%) Nasdaq 13,631 (+0.95%) Bitcoin $30,056 (-0.01%) Hey Snackers, It’s 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 investors’ anxieties. Experimeat The USDA clears cell-grown meat for sale as labs try to do what plant-based couldn’t Tastes just like chicken… The USDA [approved]( two companies to sell the US’s 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 USDA’s lead. - Cell-grown’s sell: Cell-grown is slaughter-free, and companies say it’s 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 “meat” 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 “that preserves life,” Upside Foods’ CEO said. Big Meat disagrees and is lobbying to strip the “meat” label from cell-grown (like Big Dairy vs. alt-milks). THE TAKEAWAY 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 consumers’ taste buds, affordability will be the next challenge before cell-grown can transition from Michelin-starred restaurants to Walmart. Dose Massive psychedelics conference sees big names advocate for FDA approval Rocky Mountain high… What’s 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. Oregon’s 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 ’shroom… 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. THE TAKEAWAY 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 hasn’t yet been able to shake its federal classification as a [Schedule 1]( drug. DIP The Crypto Catch-Up… 🪙 Coins… [Bitcoin]( 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. 📜 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. 🤹‍♀️ 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 we're Snackin' - [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 “catastrophic” implosion” that left its five passengers dead. - [Charge]( A [Ford Motor]( joint venture scored a record $9.2M loan from the US gov’t to build three EV-battery plants in the South. The move backs up President Biden’s goal of boosting “Made in America” electric vehicles. - [Swipey]( [NBC]( Peacock is in a relationship with Tinder and Hinge parent [Match](. Peacock will offer a free three-month subscription to Match’s users as it tries to win hearts in the streaming showdown. - [Curtains]( The Emmys, scheduled for September, could be pushed to next year. It’s the latest fallout from the writers’ strike, which has delayed numerous movies and shows. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day The US population is older than ever with a median age last year of 39 [Read more]( Friday - Earnings expected from CarMax Authors of this Snacks own bitcoin and shares of: Beyond Meat, Comcast, and Match Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... [See more]( [Sherwood Terms and Conditions]( • [Our Editorial Principles]( • [Contact Us](mailto:hellosnacks@sherwoodmedia.com) • [Privacy Policy]( • [Advertise with us](mailto:advertising@sherwoodmedia.com) [Unsubscribe](