Used in the synthesis of pharmaceutical intermediates, particularly in the development of central nervous system agents. It serves as a building block in the production of certain antidepressants and anxiolytic drugs due to its structural similarity to bioactive phenylalkylamine derivatives. Its hydroxyl and ether functional groups allow for further chemical modifications, making it valuable in medicinal chemistry for optimizing drug candidates. Also employed in research settings to study serotonin receptor ligands and their binding properties.