CO2 or Ethanol really depends on the final product. Both methods will make a first stage winterized “crude” oil but that word means different things depending on the extraction method.
CO2 Full spectrum “crude” is ready to be used after extraction as it will be much more pure than ethanol extract. Ethanol is a great option for bulk extraction when the goal is further refinement to distillate or isolate, but not recommended to be used in products in the “crude” stage.
The downside to CO2 is your throughout is LOW. For example (don’t quote the numbers, just an average) a $250k investment into CO2 will allow you process around 70-100 lbs/day (10 hour shift) and that oil is worth anywhere from $2500-4500/kg. The same investment into ethanol will allow you to process 1,000 lbs/day with an oil worth $1,400-1,800/kg. If you’re looking for the highest ROI and will be selling in bulk to other labs to refine, it’s hard to beat ethanol. If you want the most medicinal value into finished products, it’ll be hard to beat CO2.