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Licorice, or rather, the root of the licorice plant, is a very widely used herb; both as a medicinal and as a flavouring in all manner of things. The plant itself is native to the Old World but grows well anywhere. The extract is poweful and is obtained by boiling the root and then evaporating the liquid. The resulting product is very sweet and strongly flavoured.
Licorice has traditionally been used as a remedy for a great number of things. Licorice has been used traditionally in China for thousands of years. Its primary uses there were to build energy, increase concentration, stabilize blood sugar, and to treat abdominal organs. It's also well known to promote healthy liver function.
In the West licorice has been used to regulate cholesterol, increase male sexual stamina, as a sweetener, and to treat stomach ulcers. These are only a few of its uses. Doing more research will yield many more uses than I've described.
Caution is to be taken when using licorice, though. Just eating 2oz a day for 2 weeks is enough to cause muscle weakness and headaches. It can also, in high quantities, actually harm the liver and dangerously lower potassium levels. So use it in moderation.


