Honey is an item that appears in all of the Monster Hunter games. It can be gathered from Bee Hives, received from Trenya as a reward for sponsorship, or bought from the Peddling Granny (only with the download patch!). Additionally the hunter can get a "Prototype Beehive" from a villager in Pokke that you can add to Pokke Farm.
When eaten raw honey gives the hunter a small stamina boost, but the real reason honey is so valuable is that it's used in Healing Items. Combining a potion (blue mushroom + herb) and honey will create the Mega Potion, which can let the hunter recover a good amount of health. Honey is also required to produce Mega Nutrients.
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