It is a very ornamental species, being highly appreciated both for its size and foliage and, above all, for its striking winter fruiting, which makes it a kind of natural Christmas tree.
In the Canary Islands it is widely used for landscaping roadsides and motorways. It grows fast and withstands drought well, although it requires sunny exposure.

In its native regions, a resin with balsamic properties was obtained from its trunk, known as ‘mission balsam’, although this latex causes skin reactions in sensitive people. For this reason, the International Union for Conservation of Nature has included this plant in the list of the 100 most harmful invasive alien species in the world.
In some countries, its fruits are used to adulterate pepper.

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