imagine you can exhaustively extract 1kg of bud into a liter of either, and your starting material is 10% cannabinoids.
that means you’ve 100mg/ml oil and 100mg/ml ethanol. now you can evaporate the ethanol and end up with 150g of 75% cannabinoids. vs a liter of oil.
which allows you to put more THC in your caramels?
distill those 150g to yield 80g of 90% cannabinoid distillate, and you can squeeze even more in (although you lost some along the way).
I don’t recommend aiming any higher than 50mg/dose.
how many 50mg caramels can you make with your 150g of 75% THC?
** understand that getting more than 20mg/ml into oil is non-trivial (but has been reported eg The Economics of Lipid Infusion). ethanol is definitely superior here…simply because you can evaporate it.