Investors on marijuana being sold as an ingredient should rather invest in cannabis being sold as a whole product, Scotiabank analysts Ben Isaacson and Oliver Rowe hinted. The weed business, they say, is akin to the chocolate industry, where investors prefer putting money into the top companies’ market shares and sales rather than producers in a region or country. They also cautioned that when choosing to buy stocks, one should be mindful of the quality of management and financial and strategic connections of each individual company.

Aphria Inc., who initiated coverage of the stock with a sector outperform rating, is the best way to play, according to the two experts. At $25 for their 12-month price target, they are 34 percent upside to the last close. Scotiabank also covered Canopy Growth Corp. which they say has a fully valued price target of $61 per share.

Bloomberg data also shows Aphria having eight buy ratings and one sell, with a 12-month mean price goal of $26, before Scotiabank’s coverage. In comparison, Canopy Growth has nine buys, one hold, one sell and an average target price of $64.

In a note, Isaacson and Rowe wrote: “The pot industry is real, it is here to stay and we believe there is money to be made.”