ASX-listed medical marijuana company AusCann is seeking to raise $30 million for clinical studies and expansion of its manufacturing facilities.

AusCann shares went into a trading halt on Tuesday morning as its broker Canaccord Genuity finalised the deal.

It is understood the placement was buyer led, coming after AusCann received inbound interest from North American investors.

AusCann, headed by CEO Elaine Darby (centre), is raising fresh funds. TREVOR COLLENS

Those investors include Canadian medical marijuana heavyweight Canopy Growth Corp, which is listed on the TSX and has a C$7 billion market capitalisation, which is expected to tip $5 million into the offer.

Canopy Growth Corp is already AusCann's biggest investor with a 10.65 per cent stake.