The kanji and the word are exactly the same. That means they share meanings as well.
The reading is the same as what you learned with the kanji. It's also the same as the meaning of the kanji / vocab, though you can think of this as Japanese plum as well if you want.
Japanese plum trees started to bloom.
"Where did you get this many ume?" "I visited an ume orchard today."
As soon as payday comes, I’ll buy the high grade, pickled Japanese plums that costs 10,000 yen a piece.