Yes, CANDLENUT is a Scrabble word!

Letter values in Scrabble US: C 3, A 1, N 1, D 2, L 1, E 1, N 1, U 1, T 1.

Is it a valid word?

CANDLENUT is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

large tree native to southeastern Asia; the nuts yield oil used in varnishes; nut kernels strung together are used locally as candles
seed of candlenut tree; source of soil used in varnishes

Also: varnish tree, aleurites moluccana.