Issue: 183

May 2025

Limoneira.com

Hello May!

As spring ushers in a season of renewal and opportunity, we are pleased to highlight key updates that reflect our continued growth and shared commitment to excellence.

This May, we are advancing meaningful initiatives with sustainability, driven programs, and strategic campaigns that are designed to strengthen our partnerships.

We invite you to explore the latest developments as we continue to grow together and lead with purpose.

Harold Edwards Inducted into PCBT Business Hall of Fame

Congratulations to Harold Edwards, Limoneira's President and CEO, on his induction into the Pacific Coast Business Times' 2025 Business Hall of Fame! Harold's leadership journey at Limoneira began in 2003 when he was selected from over 300 candidates to become the company's sixth CEO. At the time, Harold brought an impressive resume, including leadership roles at Mission Produce, Ralston Purina, Agribrands, and Thermo Fisher Scientific. 

Since then, Harold has helped guide Limoneira through major milestones, from expanding into global markets to taking the company public in 2010 and spearheading the development of Harvest at Limoneira, a landmark residential community in Santa Paula. 

Throughout his career, Harold has been praised for his resilience, innovation, and ability to foster a culture of transparency and collaboration. As he shared in his recent interview with the Business Times, Harold's goal has always been clear: "If you ever get something, you want to leave it in better shape than how you first got it - that's really my goal." 

Today, Harold continues to lead Limoneira into a bright future, driven by a commitment to growth, sustainability, and creating long-term value for shareholders. 

Congratulations again, Harold, on this well-deserved honor!

Board Member Spotlight:

Scott Slater

This month, we’re proud to highlight Scott Slater, Chairperson of the Limoneira Board of Directors and a dedicated board member since 2012. With over 40 years of experience in water law, Scott brings invaluable expertise to Limoneira’s strategic focus on long-term water asset management and sustainability.

Scott is a shareholder at Brownstein Hyatt Farber Schreck and has handled some of the nation’s most complex water matters, including leading negotiations for the largest water transfer in U.S. history on behalf of the San Diego County Water Authority. He is the author of California Water Law and Policy, the state’s leading water law treatise, and has taught water law at universities across the U.S., Australia, and China.

His recent international work includes advising on groundwater strategy for Tunisia and contributing to legislative reforms in Western Australia. Recognized as one of California’s Top 100 Lawyers by the Daily Journal, Scott previously served as President and CEO of Cadiz Inc. and now continues as a senior advisor and CEO of its subsidiary, ATEC Water Systems.

Scott’s depth of knowledge and strategic leadership continue to shape Limoneira’s sustainable resource efforts. We’re grateful for his insight and proud to have his guidance as we look to the future.

Limoneira Holds Annual Shareholders Meeting

Thank you to everyone who joined us for Limoneira’s Annual Shareholders Meeting. The event offered an opportunity to reflect on the past year, provide updates on strategic initiatives, and share a forward-looking view of the exciting opportunities ahead.

We’re grateful to our shareholders, partners, and team members whose continued support drives our progress in innovation, sustainability, and long-term growth.

If you missed the meeting or would like to revisit the discussion, a full recording is available here.

Limoneira Receives $10 Million Distribution from Harvest

Limoneira has received a $10 million distribution from its 50/50 real estate development joint venture, Harvest at Limoneira, with The Lewis Group of Companies. The distribution was made possible by the joint venture’s strong cash position, with unaudited cash and cash equivalents totaling $62.4 million as of January 31, 2025.

This milestone reflects the ongoing success of the Harvest community—a thoughtfully planned development offering scenic views, access to nature, and proximity to key amenities, making it a popular destination for Southern California homebuyers.

“This distribution reflects the strong performance and liquidity position of our joint venture with Lewis,” said Harold Edwards, President and CEO of Limoneira. “We may use these funds to enhance our capital allocation options including dividends, share repurchases, and reducing debt. We are taking decisive action to strengthen our financial foundation and create additional capacity for future growth opportunities. This strategic capital allocation reinforces our commitment to disciplined financial management while positioning us to capitalize on market opportunities as they arise."

Limoneira expects to receive $180 million in total proceeds from the development over the next several years, with approximately $15 million received in fiscal year 2024. The project continues to support the company’s long-term value creation strategy and diversified revenue approach.

Limoneira and Agromin Expand Organic Recycling Partnership

Limoneira is excited to announce a new joint venture with Agromin, California’s largest organics recycler, to significantly expand our existing composting operations in Santa Paula. The partnership will grow our current 15-acre facility into a 70-acre commercial-scale site capable of processing both green and food waste.

Once fully operational, the new facility is expected to handle 295,000 tons of organic waste annually, providing major environmental benefits and generating strong financial returns. The joint venture is projected to produce $5 million in profits in its first year, growing to $9 million annually within ten years.

“This partnership exemplifies our commitment to innovative, sustainable agricultural practices while creating additional value for our stakeholders,” said Harold Edwards, President and CEO of Limoneira. “By expanding our collaboration with Agromin, we are not only addressing critical waste management challenges in California but also enhancing our agricultural operations by applying compost to improve soil health and increase water conservation.”

Construction is expected to begin in fiscal year 2025, supported by a $10 million CalRecycle grant, and will be completed in phases through 2026. Limoneira will lease the land to the joint venture, further strengthening our rental operations.

This expansion builds on the success of our current partnership, which already transforms green waste into nutrient-rich mulch used across our ranches to conserve water, improve soil, and support sustainable farming. Watch this short video here.

Catch the Citrus Wave^® is Back!

Warmer days are rolling in, and so is our fan-favorite Catch the Citrus Wave™ campaign! We’re stoked to bring back our sunny citrus characters, hanging ten, catching rays, and soaking up the Limoneira sun.

From lemons and Meyer lemons to limes, mandarins, and oranges, our vibrant packaging is riding the wave straight into produce aisles everywhere, bringing all the summer beach vibes. It’s the perfect way to spotlight our premium fruit while turning heads with playful seasonal energy.

And don’t wipe out on this next part—our giveaways are coming back! Follow us on Instagram @LimoneiraCo for upcoming announcements on how to join the fun and win some totally tubular prizes and exciting seasonal swag.

So paddle out and get ready to ride the wave. Catch the Citrus Wave™ is rolling in!

Limoneira is Heading to West Coast Produce Expo

Limoneira is excited to attend the West Coast Produce Expo, taking place May 29–30 in Palm Desert, California.

Visit us at Booth #B816 to learn more about our premium citrus offerings, sustainability initiatives, and upcoming programs. We're looking forward to connecting with industry partners, building relationships, and sharing how Limoneira continues to deliver top-quality produce to customers worldwide.

If you’re attending, stop by and say hello. We’d love to see you there!

Recipe of the Month: Mother's Day Lemon Scones

Happy Mother’s Day! We share our heartfelt appreciation and warmest wishes for a meaningful and joyful day. 

Ingredients:

• ⅓ cup plus 1 tablespoon granulated sugar
• 2 tablespoons packed finely grated Limoneira lemon zest
• 2 tablespoons fresh-squeezed juice from 2 large Limoneira lemons
• 2 cups all-purpose flour
• 2 teaspoons baking powder
• ½ teaspoon baking soda
• ¾ teaspoon kosher salt
• ½ cup (1 stick) unsalted butter, frozen
• 1 large egg
• ¾ cup heavy cream, plus 1 tablespoon for brushing
• 1 cup powdered sugar

Directions:

1. Preheat oven to 400°F. Line baking sheet with parchment paper. Combine 1/3 cup sugar and Limoneira lemon zest in large bowl and massage them together using your fingertips.
2. Add the flour, baking powder, baking soda, and salt. Whisk until well combined.
3. Using the large holes of a box grater, grate frozen butter into dry ingredients; using a fork, toss together until butter shreds are coated.
4. In a large measuring cup or medium bowl, whisk egg into 3/4 cup cream until well combined.
5. Pour the wet ingredients into the dry ingredients. Using a fork, stir in cream mixture until just combined.
6. Transfer dough to prepared baking sheet. Gather dough together and pat into a 7-inch circle.
7. Cut into 8 wedges.
8. Brush tops with remaining tablespoon of cream and sprinkle with remaining tablespoon of sugar.
9. Bake until golden, 20 to 25 minutes, rotating sheet halfway through. Let cool then using a spatula, transfer scones to a wire rack to cool completely.
10. In a medium bowl, whisk powdered sugar with 1 tablespoon of Limoneira lemon juice, adding more lemon juice by the 1/2 teaspoon as needed until it has a thick glaze consistency, similar to honey.
11. Using a spoon, drizzle glaze over cooled scones; let sit for 15 minutes before serving.

Winner of the Month

Congratulations to Robin Kay from Indio, California, our May giveaway winner!

We’re thrilled to celebrate you as part of the Limoneira community. Thank you for following along and supporting all things citrus. Keep an eye out for next month’s drawing. Our next lucky winner could be YOU! 

And don't forget - The ZEST IS YET TO COME!

See you again next month!