Hydrolyzes oligopeptides such as neurotensin, bradykinin and dynorphin A (By similarity). Acts as a regulator of cannabinoid signaling pathway by mediating degradation of hemopressin, an antagonist peptide of the cannabinoid receptor CNR1 (By similarity). Preferential cleavage in neurotensin: 10-Pro-|-Tyr-11. Binds 1 zinc ion per subunit. Belongs to the peptidase M3 family.