Direct or indirect? That's the choice when it comes to investing in either Aphria (NYSE:APHA) or Innovative Industrial Properties (NYSE:IIPR).

Aphria is the direct option. The company ranks as one of the top marijuana growers in the world. Innovative Industrial Properties is a real estate investment trust (REIT) that focuses on the cannabis industry, making it more of an indirect marijuana play.

So far this year, Innovative Industrial Properties stock has performed significantly better than Aphria has. But which of these two marijuana stocks is the better pick now?

The marijuana industry has delivered one milestone after another in 2018.

The highlight, of course, was the legalization of recreational cannabis in Canada on Oct. 17, 2018, which ended nine decades of adult-use prohibition. However, we also witnessed two more U.S. states legalize medical pot, which went along with Michigan becoming the 10th state to OK recreational weed use. Add in pot stock uplistings, the first cannabis-derived drug being approved in the U.S., and Tilray becoming the first pot stock to IPO on a reputable U.S. exchange, and you have the makings of a groundbreaking year.

This has truly been a year to remember for the marijuana industry. The biggest event of the year is unquestionably the legalization of recreational pot in Canada on Oct. 17, 2018. Having promised to greenlight adult-use weed for years, Prime Minister Justin Trudeau held true to his word. When the industry is fully up to scale toward the beginning of the next decade, it could be generating in excess of $5 billion in added annual sales.

Canada's privacy commissioner is planning to issue guidance for buyers and sellers of legal cannabis amid ongoing concern about potential fallout, such as being barred from the United States, if transactions become known by third parties.

The concern has been heightened in provinces where anonymously paying cash in-store is not possible in light of a controversial Statistics Canada initiative to obtain detailed bank records from all Canadians.

Yesterday was the one-month anniversary for recreational cannabis legalization in Canada. The roll-out was shaky, as expected, as retailers across the country encountered supply issues in the opening days. This exacerbated the volatility for cannabis stocks, which were ravaged over the past month, also in large part due to a global stock market sell-off that has spilled into November. Horizons Marijuana Life Sciences ETF was down 27% month over month as of close on November 15.

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Major classifications are as follows:

Canada is legalizing the adult use of marijuana on Oct. 17 and will be the second and largest country to do so. The federal government established the broad outline of the legalization law but left it up to provinces and territories to fill in some of the details — such as whether to allow home grows, to establish a legal purchase age of 18 or 19, and whether to sell through government-run pot shops or private outlets.

Here‘s a look at how the industry will look, as well as some key differences between Canada‘s approach and that of the nine U.S. states that have legalized so-called recreational marijuana:

Despite strict rules limiting the promotion of now legal recreational pot now in effect, cannabis promotions continue to pop up amid loopholes and a lack of clarity on how the legislation’s grey areas should be applied.

Nearly one month on since legalization, there is disagreement in the sector on murky portions of the Cannabis Act governing marketing, with some licensed producers taking a more aggressive approach and others holding back.

“The fact that you aren’t seeing that an overwhelming wave yet of those kinds of tactics, to me, demonstrates that there is still uncertainty,” said Rebecca Brown, founder of Crowns Agency, a Toronto-based marketing consultancy focused on the marijuana industry.

Alberta law enforcement officials say they are worried that the legalization of marijuana could lead to potentially explosive consequences for users taking a do-it-yourself approach to making cannabis derivatives at home.

Just over a month ago, Canadians were given the right to purchase dried and fresh cannabis and unconcentrated forms of cannabis oil.

It is likely to be another year before concentrates will be legalized.

"What's going to happen — and this is just my prediction — is that people are going to do a butane hash extraction at home and they're going to blow themselves up," said Sgt. Guy Pilon, clandestine lab co-ordinator with the Edmonton Police Service.

Several city councillors say they want to opt out of having private cannabis stores in Hamilton, especially given how close they can be to schools.

At least four of Hamilton's 15 councillors say they want more control over where pot stores go and are unhappy with key parts of the new provincial guidelines released Wednesday. Under the new guidelines, the shops can't be within 150 metres of schools. Councillors wanted 300 metres.

Unless those changes are made, they say, they don't want private shops in Hamilton at all.

"I'm appalled by the ridiculous minimum of only 150 metres (approximately 450 feet) that a recreational store has to be away from a nearby school with lots of children," said Tom Jackson of Ward 6. The planned setback, he said, is "shameful."