Yes, malts is a Scrabble word!

Verb

1. Treat with malt or malt extract

2. Turn into malt, become malt

3. Convert grain into malt

4. Convert into malt

Noun

1. A milkshake made with malt powder

2. A lager of high alcohol content; by law it is considered too alcoholic to be sold as lager or beer

3. A cereal grain (usually barley) that is kiln-dried after having been germinated by soaking in water; used especially in brewing and distilling