i dont know about olive oil but butter you for sure can. all you need to do is heat the butter until its melted and then add your hash, keef, ground up cannabis or anything else you want in there. since your cannabis is no doubt of high potency, the tetrahydrocanabinol should be easily absorbed into the butter, thus pot butter.
the sam could be said about olive oil, although i believe it would have to be heated as well, but to what temperature i could not tell you

:rastasmoke: smoke them bowls captian