Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of kinase inhibitors and cannabinoid receptor modulators. It serves as a building block in medicinal chemistry for creating compounds with potential anti-inflammatory, anticancer, and neuroprotective activities. Its structure allows for easy functionalization, making it valuable in the design of biologically active molecules and in high-throughput screening for drug discovery. Also employed in the preparation of fluorescent probes and agrochemicals due to its aromatic and heterocyclic nature.