Involved in the biosynthesis of cannabinoids-related terpenophenolic natural products, which have pharmacological activity (PubMed:22802619). Polyketide cyclase which functions in concert with OLS/TKS to form olivetolic acid (PubMed:22802619, PubMed:26783002). Has no intrinsic polyketide synthase activity and requires the presence of OLS to produce olivetolic acid (PubMed:22802619). 3,5,7-trioxododecanoyl-CoA = CoA + H(+) + olivetolate Secondary metabolite biosynthesis; terpenoid biosynthesis. Homodimer. Expressed in glandular trichomes and at lower levels in female flowers.