While reports of COVID-19 outbreaks have shut down factories or disrupted supply chains for the traditional meat industry, plant-based meat company Impossible Foods has found itself expanding its reach -- this time through a new partnership with Starbucks.
The coffee chain announced this week it will be featuring the Impossible Breakfast Sandwich on its summer menu.
"Something like one-third of all the 18- to 29-year-olds in the country hit a Starbucks at least once a quarter," David Lee, Impossible Foods' chief financial officer, told Cheddar. "And so for us to be available in this way, to have nearly 20,000 locations serve our Impossible Sausage products, is a wonderful milestone for us."
Lee explained that Impossible's co-manufacturing partnerships, such as the one it shares with food supplier OSI Group, provides enough scalability to supply the market for its meat alternatives.
"It means that we can meet the large demand we expect from Starbucks, Burger King, many other partners, but also a really rapid rollout in grocery stores, which we began to speed up sometime around March or so this year," he said.
The CFO was also confident the company was addressing challenges from the coronavirus pandemic by selling Impossible Burgers that can be delivered straight to customers' homes. He reported that grocery sales of its products had grown 30 times over since March when most stay-at-home orders began, in addition to the orders made directly to Impossible.
"The theme has been scaling to meet unprecedented demand. As a result we feel relatively well-prepared to handle how this current pandemic has changed the way meat-eaters like to get their meat," he said. "We're seeing folks order it directly from us to be shipped to their home, which is why we created our direct-to-consumer business."
Still, Impossible Foods has had to weather the pandemic like many other businesses, including the meatpacking industry. According to Lee, however, the stark differences in the businesses give plant-based meat an advantage.
"Unlike many of those unfortunate meat plants, we bypass a lot of the problems they face," he noted. "We don't grow animals, slaughter them, transport them, process them, so we don't have the same challenging conditions the meat industry faces."
Lee also agreed with Impossible Foods founder and CEO Pat Brown, who predicted on Tuesday that the meat industry will be facing its own extinction in just 15 years.
"I believe in the meat-eater," Lee said. "We meat-eaters are pretty sophisticated. You give us a better product that hits the spot, that's better for our health, that's better for the world -- we vote with our stomachs."
"I think the consumer will determine the future and will determine it pretty quickly."
In March, Impossible raised $500 million in Series F funding but despite the aggressive scaling and partnerships Lee described, he said there are no current plans to join fellow plant-based meat company, Beyond, as a public company.
2021 saw markets continue to be impacted by the onslaught of the coronavirus pandemic -most recently in the form of the Omicron variant- in addition to the global supply chain shortage, and increased inflation. But it wasn't all bad news, as crypto soared throughout the year, and meme stocks continued to have a moment. With the year coming to a close, investors are keeping an eye out to see if they should expect more of the same in the new year. Chris Vecchio, Senior Analyst, at DailyFX tells us what market trends to be on the watch for in 2022.
2021 proved to be yet another formidable year for Tesla. In a year that saw electric vehicles carve out their own space in the transportation world, the company made further strides, keeping its spot on top even as new companies threatened competition. Tesla was able to hit the trillion dollar valuation mark, increase vehicle deliveries even as the world grappled with supply chain and delivery issues and sign a major deal with Hertz this year. And of course, you can't talk about Tesla without talking about Elon Musk, CEO and founder of the company, richest man in the world and Time Magazine Person of the Year, who saw plenty of successes in 2021 as well. Al Root, Senior Writer at Barron’s, explains just how good a year it was for Tesla.
The S&P CoreLogic Case-Shiller 20-city home price index showed an 18.4 percent surge in October as the housing market continues to boom. October's levels are a slight downturn from the roughly 19 percent increase the index saw in September, but come roughly in line with economist expectations. Michael J. Romer, Managing Partner, Romer Debbas joined Wake Up with Cheddar to discuss.
U.S. airlines have canceled more than 6,000 flights since Christmas eve, causing headaches for travelers.
Airlines cited staffing shortages amid the omicron outbreak as the primary reason for the interruptions to service. The cancellations come at the busiest time of year for air travel. Steve Shur, President, The Travel Technology Association joined Wake Up with Cheddar to discuss.
Dr. Soumi Eachempati, co-founder and CEO of Cleared4 and former professor of surgery and public health at Weill Cornell Medical College, joined Cheddar to breakdown what people should know about the recently FDA-approved emergency use of Merck and Pfizer's COVID-19 treatment pills. He noted that not only do people need to be aware of other medications they are taking that could cause adverse effects if coupled with COVID-19 pill treatments, he also talked about the intense in-take regiment. "The Merck pills are actually about 40 pills over five days. The Pfizer ones are three pills over five days, so people have to be prepared for that because it is a lot of pills you'll have to take to get full value from these drugs," Eachempati told Cheddar.
Adult-use cannabis sales kicked off in Nevada in 2017, but four years later, there isn’t a legal way for the 40 million tourists who visit the state annually to consume. That’s all about to change. Following the passage in June of a bill to legalize consumption lounges, the world’s largest dispensary, Planet 13, is planning a cannabis club as extravagant as Las Vegas. Cheddar’s Chloe Aiello visited the cannabis entertainment complex to find out more.
