Just FYI- Dragonrider is kidding you about the gooey nose balls. Snorting MMJ is not a medical method, or safe, because of the risk of damage to your sinuses.

Dissolving it in ethanol will make it MISCIBLE with water; it is not technically dissolved in the water itself, but in a carrier solvent that will fully mix with the aqueous phase and make a solution that can be considered to be a solution of your resins in ethanol/water. I believe the same can be said of glycerin, but I am not sure if it is truly miscible with water.