Biotech investors urge Florida lawmakers to reject lab-grown meat ban

Biotech investors continue to beg lawmakers not to ban the burgeoning business of lab-born meat.

A letter to Florida legislators signed by 38 venture fund leaders signals strong opposition to the restrictions in an Agriculture Department package (SB 1084). The bill would bar the sale or distribution of cultivated meat

“Passage of this legislation will have economic ramifications for Florida. Biotechnology and biomanufacturing are among the fastest-growing industries in the United States, with biomanufacturing leveraging biological systems to produce goods at a commercial scale, offering innovative solutions across various sectors including plastics, fuels, foods, and pharmaceuticals,” the letter reads.

“In the short life of this emerging industry, investors have already put almost $3 billion in capital to work on this product, supporting thousands of jobs in this promising industry.”

The letter comes from investment leaders including Nate Crosser, principal for Blue Horizon; Sean O’Sullivan, managing general partner of SOSV; Mark Langley, Secretary and Treasurer for Unovis Asset Management; and dozens of other investors in food science and sustainability.

They note that the legislation as it reads now would make Florida the first and only state to prohibit the sale of cultivated meat. That could put Florida on poor footing with any type of research investment, even if the bill exempts pure scientific research of the science of growing meat in labs.

“Florida would uniquely choose to restrict a vital segment of the American biotechnology sector,” the letter reads. “Such a decision will raise strong doubts among investors about the state’s commitment to supporting emerging technologies, hindering future investments to the industry and Florida.”

Of note, the Senate already passed the legislative package last week with the complete ban on sales. The measure will be heard on the House floor, where a Republican lawmaker has filed an amendment disposing of an all-out ban and instead imposing labeling requirements on the origins of meat. Should that pass, the legislation would bounce back to the Senate.

The letter to lawmakers from investors focuses on potential challenges in traditional agriculture accommodating a growth in population. Those putting money behind lab-grown meat argue that demand for alternative sources of protein will only grow.

“Globally, the demand for protein is rapidly outpacing conventional supply capabilities, exacerbated by limited land and water resources,” the letter reads.

“Florida has the potential to compete for lucrative export markets in this context, but a ban on cultivated meat technology would diminish that opportunity. Furthermore, such a ban could deter export-focused firms from considering Florida, creating broader uncertainty about future restrictions. Enacting this provision would isolate Florida from the myriad of benefits this burgeoning industry offers both the public and private sectors. Additionally, it would send a signal to investors that Florida is an unreliable market due to the wholesale ban of a leading biotechnology area.”

Investors Oppose Florida Cultivated Meat Ban by Jacob Ogles on Scribd