What are the pros? Pretty, attracts hummingbirds
What are the cons? Just a flower. Toxic
This is more a clarification than a review. Salvia coccinea IS pretty and will attract hummingbirds and (especially Sulfur) butterflies. It is NOT edible to people. Even small amounts of the flowers, though they lack the typical warning sign of bitterness, will give you horribly explosive diarrhea. The best edible red Salvia (if you live z8 or are willing to grow it in a pot and take indoors) is S. microphylla (mirto de montes, blackcurrant sage: flowers edible, leaves good for tea) though in z9 and with closer attention to water, pineapple sage (S. elegans) is also good. Salvia greggii has edible flowers but skunky leaves that are considered medicinal but not edible. Some of the red flowered Salvias native to TX might have edible flowers (www.wildflower.org claims this), but after my experience with S. coccinea I am reluctant to try them without independent confirmation. Baker Creek sells S. horminium (viridis), which is edible but I haven't tried it.
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