Yes, palmy is a Scrabble word!
...and is worth 12 points in Scrabble, and 14 points in Words with Friends
palmy
Adjective
1. Very lively and profitable
What Scrabble words can I make with the letters in palmy?
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1 Anagram of Palmy
Words that can be created with an extra letter added to palmy:
D:damply