Growing meat in a laboratory

Apparently growing meat in a laboratory is a reality and ready to go forward.  The implications are huge, it would seem to me.  First of all the shear amount of investment in people (I mean people who depend on the production of meat for their living but do not necessarily engage in the labor of producing meat), labor, equipment and facilities would be rendered, if not worthless, then certainly worth less...much less.  A lot of real estate would be freed up but I don't see the value of land going down because of it.  Perhaps even positive substitutive uses would make it even more valuable.

Secondly, the cost of producing this meat, I would think, will, eventually be much less than the costs of ranching and producing the meat the old fashioned way.  There is a lot of risk in ranching and farming that would be taken out of the test tube production of food.  Therefore, it would seem to me that the impact on world hunger would be reduced materially.

Thirdly. it would be a big positive for the environment, if the environmentalists are correct about the size of the negative impact that raising large numbers of cattle has on the environment. 

I noted that the taste testers' only complaint was the lack of fat for taste purposes. No doubt they can figure out how to add fat.  We add fat to just about everything else. 

Any other implications anyone can think of?  I'm sure some can think of more negatives. 

http://finance.yahoo.com/news/first-reaction-lab-made-burger-134553131.html