Same issue happened with the Soujouner's Sash before. If you start a world and you already have the Ring of Far Reach equipped, it won't work. To get it working again, you have to re-equip it.

First noticed in 189, then updated to 190 and the issue still exists.

Also, even if it doesn't have anything to do with the mod itself, I thought it was worth noting that the link to the Botania FAQ on the guidelines for contributing page still links to your old website.

I'm not fixing this one, every time I "fix" the ring it breaks more. The thing's a massive hack to begin with.