AquaBounty’s “pause” on Ohio GMO salmon farm construction is latest setback for “Frankenfish” developer
Published: July 31, 2023
Category: GMO News
AquaBounty Technologies, Inc., maker of the controversial genetically engineered salmon, recently announced that it would pause construction of its GMO salmon farm in Ohio due to a “substantial increase in its estimated cost of completion.”
This marks the latest setback for the GMO salmon producer. This past February, AquaBounty announced it would it will stop producing its GMO salmon at its facility in Prince Edward Island (PEI), Canada.
Last October, a former AquaBounty employee alleged that the company committed many worker and consumer safety violations at its Indiana facility.
AquaBounty’s stock price lags well below $1 per share, which means it cannot continue to be listed by Nasdaq Capital Market. However, in May, Nasdaq granted AquaBounty a 180-day extension to boost its stock price.
Aqua Bounty continues to lose money. Its first quarter loss was 27% higher than the same period in 2022, and its revenue plunged 59% compared to a year earlier.
In the U.S. 85 grocery chains, seafood companies, restaurants, and foodservice companies have pledged not to sell the GMO salmon.
Sources: Ag Funder News, Intrafish
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Organic & Non-GMO Insights August 2023