Practically anything can be fermented. It will need sugar added to go very far towards making alcohol. Alcohol doesn't harm ThC, judging by the fact that tinctures work well, so I can't see a problem with making wine or beer out of it. I'm pretty sure it's been done before.
Fermentation is, as we probably already know, the process of yeast working to turn sugar into alcohol. Grapes are one of the few things naturally sweet enough to make decent wine. Almost everything else needs added sugar to reach a desirable alcohol level. Cannabis would supply the flavor (not sure how great it would be) and the thc content. Thc content could be very high if you added lots of bud to the brew, or added concentrated tincture. I'm not sure how the aging process would work out since cannabis psychoactives and wine may reach perfection at different ages. It seems like if you were going to dare hope for any decent flavor out of this one you'd want to age it well