Used in organic synthesis as an intermediate for pharmaceuticals and fine chemicals. Serves as a building block in the production of indane-based compounds, which are common in bioactive molecules and drug candidates. Also utilized in research for developing novel psychoactive substances and analogs, due to structural similarity to controlled compounds. Its hydroxyl group allows for derivatization in esterification and ether formation reactions. Employed in studies related to neurotransmitter analogs and central nervous system agents.