
After you tame it you can obtain bee hive and you can place it anywhere. If you put rare flowers in its inventory it will start making honey. But remember, even when you get the beehive the bees will still attack you when you access its inventory if you don't have full ghillie armor.
The honey is a must for fishing. It can be used for salmon, just like leech blood. I used it as bait for an hour and noticed that fish bite more frequently. In a pool with coel and salmon, I noticed that the salmon bit more frequently than the coels while using honey as bait.