Involved in the biosynthesis of prenylated phenolics natural products which contribute to the bitter taste of beer and display broad biological activities (Probable). Catalyzes the first prenylation step in the beta-bitter acid pathway (PubMed:25564559). Uses dimethylallyl diphosphate (DMAPP) as the prenyl donor (PubMed:25564559). 2',4,4',6'-tetrahydroxychalcone + dimethylallyl diphosphate = desmethylxanthohumol + diphosphate a 2-acylphloroglucinol + dimethylallyl diphosphate = a 2-acyl-4-prenylphloroglucinol + diphosphate Stimulated by CHIL2 but inhibited by CHIL1. Secondary metabolite biosynthesis. Component an active demethylxanthohumol (DMX) biosynthetic metabolon in glandular trichomes (lupulin glands) that encompasses a chalcone synthase (CHS) and a membrane-bound prenyltransferase (PubMed:29760092). Interacts with PT2, forming a functional metabolon (PubMed:25564559). Interacts with CHIL2; this interaction promotes catalytic activity (PubMed:29760092). Expressed in trichomes. Belongs to the UbiA prenyltransferase family.