Beyond Meat Faces Stiff Competition

The FDA will allow Impossible Foods to sell its burgers in American groceries.
Impossible Meats uses a protein-based color additive to make its burgers look and "bleed" like real meat.
It's called leghemoglobin. The FDA sys it's safe.
This means Impossible is now a direct competitor to Beyond Meat.
In premarket trading Beyond was down 6%, set to wipe over $700 million off its market capitalization.