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THC dissolves poorly in water, but dissolves well into alcohol and even better into fats and oils.

For baking, the best mix is to make a cannabis based butter. It's easier to cook with hash as opposed to leaf, and this will produce a stronger mix.

For drinking, make up some stalk vodka - Open a full bottle of vodka and start putting stalks/seeds/anything else that can't be smoked in with the vodka. Once the bottle is about quarter full of stalks etc, leave it for a month or two to infuse then enjoy. It's a long term investment but it's pretty cheap to make - especially if your dealers are a bit enthusiastic with the amount of stalk they allow in their scores.