All or any of the above! The placenta is rich in stem cells and growth factors, so it makes sense that consuming a piece of raw placenta in a smoothie immediately after giving birth should aid your physical recovery. You only need a 3” round piece of placenta for a smoothie, so this leaves plenty for encapsulation and other remedies.
One of our members wrote a fantastic blog about all the ways she benefited from her placenta after the birth of her second baby, which you may find useful.