American licorice is a colony-forming species that often grows in moist locations along our waterways (although I've found it in pretty dry areas too, sunny and part shade). The sweet root is said to be reminiscent of traditional licorice, although the latter comes from a European species. 
 
This species is slow to wake up in the spring, but eventually it produces cream-colored flowers, and in the fall velcro-like pods are full of small bean-like seeds. American licorice is a legume, and it fixes atmospheric nitrogen into the soil, effectively fertilizing the soil for itself (and neighboring species). This gives it an edge in poor sandy soils, and makes it a good option for restoring disturbed areas. Additionally, it can tolerate a range of soil moisture conditions (soggy to dry), and is especially well-suited to floodplains where the soil is wet in the spring but bone dry later on. 
 
Try planting wild licorice as part of a wildlife thicket, with golden currant, Canada goldenrod, chokecherry, and woods rose.