Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of serotonin receptor modulators and other central nervous system agents. Its structure allows for selective functionalization, making it valuable in creating biologically active molecules. Commonly employed in medicinal chemistry for constructing benzofuran-based analogs with potential therapeutic effects in neurological and psychiatric disorders. Also utilized in the preparation of agrochemicals and fluorescent probes due to its reactivity and aromatic properties.