Japanese star anise
櫁 refers specifically to the Japanese star anise tree, a plant used for its aromatic wood and incense.
櫁 combines the tree radical 木 with 蜜, which likely contributes the sound ミツ and relates to the aromatic, resinous quality of the wood, similar to honey.
A tree (木) that produces a sweet, honey-like (蜜) fragrance: the Japanese star anise tree.
For ミツ, imagine the tree's resin being as thick and sweet as honey (蜜, みつ): 蜜 -> ミツ, and the tree (木) gives off that same rich scent.