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"Benefits" of unregulated globalization
It's just dried sap from some type of injury.
Can be a bark beetle, suspect Euwallacea fornicatus aka "tea shot hole borer" or similar, they don't carry Laurel Wilt but do carry some non-lethal fusarium. I would cut the branch 2-3 inches and take a picture to see if there is fungus evidence. https://entnemdept.ufl.edu/creatures/trees/beetles/tea_shot_hole_borer.htm"Benefits" of unregulated globalization