Involved in the biosynthesis of prenylated phenolics natural products which contribute to the bitter taste of beer and display broad biological activities (Probable). Chalcone synthase that can use 4-coumaroyl-CoA to produce 4,2',4',6'-tetrahydroxychalcone (also termed naringenin-chalcone or chalcone) which can, under specific conditions, spontaneously isomerize into naringenin (Ref.1, PubMed:15170123). Also able to produce phlorisovalerophenone (PIVP) from 3-methylbutanoyl-CoA (isovaleryl-CoA) (PubMed:15170123). 4-coumaroyl-CoA + 2 H(+) + 3 malonyl-CoA = 2',4,4',6'-tetrahydroxychalcone + 3 CO2 + 4 CoA 3-methylbutanoyl-CoA + 3 H(+) + 3 malonyl-CoA = 3 CO2 + 4 CoA + phlorisovalerophenone Stimulated by CHIL2 but inhibited by CHIL1. kcat is 0.21x10(-3) sec(-1) with 4-coumaroyl-CoA as substrate (PubMed:29760092). kcat is 0.24x10(-3) sec(-1) with malonyl-CoA as substrate (PubMed:29760092). kcat is 1.2x10(-3) sec(-1) with 4-coumaroyl-CoA as substrate (in the presence of CHIL2) (PubMed:29760092). kcat is 4.2x10(-3) sec(-1) with malonyl-CoA as substrate (in the presence of CHIL2) (PubMed:29760092). Secondary metabolite biosynthesis; flavonoid 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 CHIL2; this interaction promotes catalytic activity (PubMed:29760092). Highly expressed in glandular trichomes (lupulin glands) of maturating cones, to a lower extent, in petioles, flowers and stem apexes of flowering plants, and, at low levels, in roots and leaf blades. Accumulates in leaves in response to UV-A. Belongs to the thiolase-like superfamily. Chalcone/stilbene synthases family.