Folic Acid is a water-soluble B vitamin added to cold cereals, cookies, flour, breads, pasta, etc. It plays an important role in the development of Red Blood Cells. It is naturally found in dark green vegetables. It is used for preventing low blood levels of folate and treating anemia. This is also used to treat liver disease, ulcerative colitis, alcoholism, Alzheimerâs disease, eye diseases, weak bones (osteoporosis), depression, nerve pain, etc.