The Globe and Mail reports in its Wednesday edition that an investment vehicle devoted to the budding legal cannabis sector is seeking to go public on the Aequitas Neo Exchange. The Globe's Christina Pellegrini writes that Cannabis Strategies Acquisition Corp. is a special-purpose acquisition company, or SPAC. A SPAC is a company that raises money in the public markets in order to acquire other businesses within a certain period of time. The SPAC is looking to raise $125-million to buy one or more private marijuana companies that are valued between $150-million and $300-million. The company is open to investing in cannabis producers or distributors in several countries, including in Canada and the United States, where the drug is legal in certain states, but illegal under federal law. Last month, the Toronto Stock Exchange said that any issuer that is operating in violation of U.S. federal drug laws is breaching its listings policies. For this reason, Cannabis Strategies Acquisition is listing its shares on the Neo, which has no problem listing these stocks. The Neo is a relatively little-known stock exchange backed by a group of banks, including Royal Bank of Canada. Canaccord Genuity is the sole underwriter.