How does Michael Rice, co-owner of Mad Priest Coffee Roasters, deal with officially closing the Cherry Street location because of health and financial reasons brought on by the COVID-19 pandemic? He takes a good chunk of his working capital and buys a $30,000 lot of newly discovered Yemenia coffee.
Rice paid $140.50 per pound for around 210 pounds of the coffee, which was recently determined to be a previously unrecognized "mother coffee," at an auction. For perspective, he also recently paid $10 a pound for some high quality Columbian coffee beans.
"And, that is still a lot," he said. "Usually we might pay around $5 to $7 per pound."