It almost perfectly dissolves in pure ethanol at any ratio.
You do get an pretty overpowering alcohol and cannabis flavor though.
If you add such a tincture to water or even just regular drinking strength spirits you get a cloudy mixture which I imagine is the resin crashing out of the solution.
I think it's quite nice with herbal tea and honey.
Lecithin might make it better dissolve in water, might also improve absorption but I've never bothered.