These brown spots are a normal pigmentation.
Not all Crassula falcata get these spots.
Your plant looks fine.
Are the white rocks top dressing?
This plants likes full sun and I do feed it.
The pot looks big enough for this plant.
Eventually I put it into a gallon pot.
Thanks for the reply! I've only had this plant for a few months, it's under a HO grow light. And yes, the rocks are only a top dressing, and I do bottom water. I've found that top-watering with a layer of pumice causes mold on the rock layer!