There’s more to this issue than just the active dosage vs dead weight. Micelles/emulsions can effectively tie up actives and make them invisible to HPLC. Was your sample testing with GC or HPLC?
IIRC, this is a big issue with potency testing things like water soluble cannabinoid preparations. I’m working off memory and don’t have any good links but it’s been discussed here before by smarter folks that cyclodextrin bound cannabinoids require the analytical lab to adjust their testing procedure to actually come up with a useful potency figure.
Maybe @analyte or @TheLastHashbender can explain this issue a little better.