This compound is primarily utilized in the field of organic synthesis, particularly as an intermediate in the production of more complex molecules. Its structure, featuring a cyclopropane ring and a benzyloxy group, makes it valuable for constructing pharmacologically active compounds. It is often employed in the development of potential drug candidates, especially those targeting neurological or inflammatory disorders. Additionally, it serves as a key building block in the synthesis of ligands for various receptors, aiding in the study of biochemical pathways and drug discovery processes.