As explained by Popular Science magazine,
"Designers begin to build the boards by separating and cleaning the coconut-husk fibers by hand. Next, they lay them out randomly, sandwich the layer of strands in fiberglass, and insert a polystyrene core. Finally, they place the construction into a vacuum mold and inject epoxy. Coconut fibers absorb less epoxy than other materials do, which reduces the weight of the board by as much as 30 percent. It also eliminates up to 40 percent of toxic materials from the process."
So is the coconut board worth the price? Maybe if you get some free coconuts with every purchase. But we're all for better ways to build boards. And until I can custom 3D print my own boards, I'll ride anything as long as it lighter and stronger than my previous board.