These plants are used mainly for a flavoring extracted from their roots, which is used in sweets and medicines in the West and as a medicinal in China. This extract is about 50 times as sweet a sucrose. Dried root is used in China and Korea as a recipe ingredient.
American "wild licorice" is less cultivated than the European, but is marketed as a medicinal and as a flavoring. It is often used to sweeten tobacco products.
In excess, licorice can cause high blood pressure and is toxic to the liver. Sensitivity various greatly, but some health agencies say licorice candy should be limited to 2-1/2 to 5-1/2 ounces (70 to 150 gms) per day.
More on Varieties of Beans.