Used as a key intermediate in the synthesis of pharmaceutical agents, particularly in the development of serotonin receptor modulators. It serves as a building block for compounds with potential antidepressant and anxiolytic activities. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for creating libraries of bioactive molecules. Also employed in the preparation of fluorescent dyes and optical materials due to the benzo[b]furan core, which exhibits favorable photophysical properties.