Hydrolyzes oligopeptides such as neurotensin, bradykinin and dynorphin A. Acts as a regulator of cannabinoid signaling pathway by mediating degradation of hemopressin, an antagonist peptide of the cannabinoid receptor CNR1. Preferential cleavage in neurotensin: 10-Pro-|-Tyr-11. Binds 1 zinc ion per subunit. Predominantly expressed in the liver, kidney and adrenal gland. Truncated due to inclusion of exon 4 which leads to premature stop codon. Truncated due to inclusion of exon 4 which leads to premature stop codon. Belongs to the peptidase M3 family.