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Leading Lab-Grown Meat Company Cuts Dozens of Jobs
Jul 3, 2024
Learn about the challenges faced by a leading lab-grown meat company, which resulted in significant job cuts. The cultivated meat industry is struggling with regulatory bans, funding issues, and high production costs. Companies are restructuring and focusing on product launches to overcome these obstacles.
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Quick takeaways
- Upside Foods cut jobs due to industry challenges and funding downturn.
- Legislative and regulatory obstacles impact lab-grown meat companies like Upside Foods.
Deep dives
Upside Foods Cuts Workforce Amid Industry Struggles
Upside Foods, a lab-grown meat company, announced workforce reductions amidst industry challenges. CEO Uma Valedi revealed that 26 employees would be leaving as the company shifts focus to key product launches. Political and economic uncertainties have led to bans on cultivated meat in certain states, impacting Upside's operations. The industry's funding downturn and regulatory hurdles have forced companies like Upside to adapt strategies to maintain commercial viability.
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