Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system agents and serotonin receptor modulators. Its structure supports the creation of bioactive molecules due to the presence of the methoxybenzofuran core, which is known for favorable interactions with neurological targets. Commonly employed in medicinal chemistry for optimizing drug candidates with improved metabolic stability and binding affinity. Also utilized in research settings to explore new psychoactive substances and potential antidepressant or anxiolytic agents.