Ever since Canada legalized recreational cannabis on Oct. 17, pot stocks have taken a major hit. Profit taking following Canada’s legalization has swept the market, especially with the major U.S. indexes in a tailspin.

But that didn’t stop U.S.-based Curaleaf Holdings, Inc. (CSE: CURA) from going public with the biggest equity raise in the Canadian cannabis industry.

Curaleaf debuted with the ticker CURA on Oct. 30 after raking in $400 million in the biggest ever reverse takeover on the Canadian Securities Exchange (CSE). What’s more, Curaleaf is technically an illegal company in the U.S., making the situation even more complicated.

First, a reverse takeover is when an existing company merges with an existing shell company that is already listed on the exchange. According to Curaleaf, more than 100 institutional investors took part in the listing, pushing the offering to nearly triple the initial $150 million offering.

As a result, Curaleaf now trades with a nearly $4 billion valuation.

Second, this $4 billion valuation is for a company that is illegal at the federal level in the U.S. While many states have legalized both medical and recreational usage of cannabis, the U.S. government still holds that marijuana usage, production and sale is illegal.

Despite this illegality, the U.S. still sports the largest cannabis market in the world. Currently, about 90 percent of the cannabis market is in the U.S., totaling more than $9.5 billion in sales last year, despite the federal ban, according to research firms Arcview Group and BDS Analytics.

This hasn’t slowed Curaleaf’s growth, however. The company operates 28 dispensaries, 12 cultivation sites and nine processing plants in 12 states, including Florida, New York and Oregon.

According to its filing with the CSE, Curaleaf produces more than 63,000 pounds of dried cannabis flower, making it the largest U.S. cannabis company.

If you’re looking to buy into Curaleaf, you’ll first have to have access to the CSE. Because Curaleaf is technically an illegal company, none of the major U.S. or Canadian exchanges will list the shares. While this makes investing in CURA a bit more risky than usual, it’s not an unusual situation. Companies have often gone to the CSE to raise capital before finally gaining acceptance and continuing to grow.

Right now, CURA is trading at a discount to its initial offering price. CURA was initially offered at C$11.45, and closed yesterday at C$9.50. With the U.S. markets looking to bounce back in November, now could be an excellent time to look a bit closer at this unique U.S. cannabis company before it’s shares take off.