It means that the plant has been ascertained to be in a particular genus (e.g. Echinodorus, Tonina, Ludwigia), but no scientist (taxonomist to be precise) has gotten down to scientifically describing the unique features, morphology etc that distinguish the species from others in the same genus. The privelege of naming the species falls on the scientist who publishes the first Description of the organism. The reason why there are so many unknown "sp." is that so many thousands of new species of creatures and plants are being discovered (faster than science can catalogue them) in recent years. Unfortunately, many of these creatures may also vanish before they even get a proper name, as their habitats are under great threat, especially those in Southeast Asia.
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