Methods and formulations for increasing the water solubility and/or bioavailability of a phytocannabinoid compound is disclosed herein. In one example, a topical formulation includes a water-soluble phytocannabinoid emulsion including a phytocannabinoid oil which includes a phytocannabinoid compound, and a non-ionic surfactant. The weight ratio of phytocannabinoid compound content to non-ionic surfactant can be from 1:10,000 to 1:5.