Used as an intermediate in the synthesis of various pharmaceuticals and psychoactive substances, particularly in the production of certain hallucinogenic phenethylamines such as 2C-B and related compounds. Its structure allows for selective functionalization, making it valuable in organic synthesis for creating substituted aromatic compounds. Also employed in research settings for developing new bioactive molecules and in the preparation of ligands for catalysis. Due to its reactivity, it serves as a building block in the formation of more complex organic molecules in medicinal chemistry.