Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and fine chemicals. Its structure makes it valuable for constructing complex molecules, particularly in the development of bioactive compounds. Additionally, it is employed in the synthesis of psychedelic substances, where its bromine and methoxy groups play a critical role in modifying activity and selectivity. Researchers also utilize it in the preparation of dyes and pigments due to its ability to form stable, colored derivatives. Its versatility in chemical reactions makes it a useful building block in both academic and industrial settings.