This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
櫔 combines 木 (tree/wood) with 厲, which likely contributes a phonetic element. The exact historical development is uncertain.
The left side is a tree 木, and the right side 厲 looks like a complex tool. Picture a rare wooden tool whose purpose is unknown.
For レイ, imagine a ray of light shining on the mysterious wooden tool: ray -> レイ.
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