Pachira stem cuttings – growing nodular excrescences

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Hi All. About a month ago we adopted a pachira that was on its last legs. It looked un-saveable, so we made stem cuttings from the parts that looked all right and put them in water. They now seem healthy, but instead of growing anything that looks like roots, they've produced nodular excrescences all over the stems, at and below the water-line – see photos. Is this normal, or should we be doing something about it? Can we plant the cuttings in soil now? When we transfer them, now or later depending on advice, should we plant them with the excrescences, or knock them off (they come off easily)? Any other tips? Thanks!