Jesse Argent is betting that there’s a future in black walnuts
Prince Edward Island’s Havenloft Tree Nursery, now in its first year of public operation, has a very particular business model. It’s not just about selling trees as something to beautify a property or to increase its value; the nursery’s black walnut tree saplings are promoted as an investment opportunity in and of themselves, through benefits to be reaped from both the nuts and timber that can eventually be harvested and sold.
“I used to work in the mutual fund industry,” explains owner Jesse Argent. “I dealt a lot with American stocks and mutual funds. I basically started hearing some brokers and some clients down in the States talking about tree IRAs — a reference to US saving plans known as Individual Retirement Accounts. After the housing market crash, people were looking for alternative methods to save money, to invest money. The planting of black walnut trees and high value hardwoods was something that was gaining a lot of ground.”
In addition to the black walnuts, Argent’s plantations are cross-planted with hazelnuts and American chestnuts and he’s looking at fruiting trees that are compatible. He says that whether a customer is interested in planting 50 trees or 500 trees, the benefits are the same but the scale is different.
“You can grow these trees on your own property,” says Argent. “They’re wonderful shade trees. They never blow down, I’ll tell you that. They’ll snap in half before they’ll blow down because those tap roots go straight down and there’s no pulling them up.”
When the trees mature, walnuts will begin to fall from them. They could be for personal use, but with enough trees, the walnuts could become a business on their own. The lumber from the trees is also valuable; Argent says that if someone eventually wants to get rid of one of the trees it’s likely that companies would be willing to remove them and pay the owner a tidy sum.
The business is not without challenges. Argent says he couldn’t imagine a worse year for weather to start his business; a rainy winter and killing frosts late into June meant that his orchard didn’t get as much growth as he would like. The trees have to be planted strategically as well, as their roots secrete a toxin called juglone, which would inhibit certain other types of trees and plants in their vicinity. Apple trees, tomatoes, potatoes and anything in the nightshade family would be adversely affected. However, Argent says, corn or soybeans should be fine and may actually benefit from how juglone inhibits weed growth. Regardless, Argent works with many clients to develop a detailed agroforestry management plan.
In the long run, Argent hopes that the walnut tree proliferates to the point where it creates a new industry; the only place where black walnut trees are grown significantly in Canada is in Ontario, and Argent says that mostly just serves a local market.
“This is an industry that’s worth billions of dollars, that really has been cornered by the United States. It would be really great if we could start this new market in Canada.
—Matt Jones