Provided is a cannabinoid-phospholipid conjugate where the cannabinoid is covalently linked, via a cleavable linker, to a polar head group of the phospholipid. Also provided is a method of obtaining the conjugate, the method comprising (a) reacting the phospholipid (PL) dissolved in an organic solvent with maleic anhydride (MA) to obtain PL-MA intermediate; and (b) reacting said PL-MA intermediate with the cannabinoid in the presence of a carboxyl activating agent and an esterification agent to obtain a reaction mixture comprising said conjugate. Uses of the conjugate are also disclosed.