Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of cannabinoid receptor modulators. Its structure allows for functionalization that enhances binding affinity to target receptors, making it valuable in medicinal chemistry for creating analgesics and anti-inflammatory agents. Also employed in agrochemicals for designing bioactive molecules with improved metabolic stability. The carboxylic acid group enables coupling reactions, facilitating the formation of amides and esters in drug design.