When asked about the potential partnership by BNN Bloomberg, Coca-Cola spokesman Kent Landers said that the company, along with many others in the industry, is "closely watching the growth of non-psychoactive CBD as an ingredient in functional wellness beverages around the world".
Coca-Cola insisted "no decisions have been made at this time" and said it would not comment on further speculation.
That makes such drinks a great opportunity for beverage makers to diversify their product lines and many have already begun to do so. The investment follows a deal previous year in which Constellation acquired a almost 10 per cent stake in Canopy and the two companies agreed to collaborate on the development of cannabis-based drinks.
Coke says it's following the debate over the ingredient cannabidiol or CBD oil. The company is looking to branch into the cannabis beverage market, according to a report. Coca-Cola's news arrives alongside other similar companies sharing the same interests.
Browns to release WR Josh Gordon
Now it's any guess what the next step might be for him and whether another team is willing to bring him on board. Others were perplexed, wondering why the Browns would cut Gordon now after sticking with him for so many years.
The world's largest spirits maker Diageo (DGE.L) is also reportedly in talks with at least three Canadian cannabis producers as it considers a possible investment.
Coca-Cola is considering developing a range of marijuana-infused beverages to help ease physical problems such as inflammation, pain and cramps.
Canada legalised cannabis for recreational use in June this year.
Coca-Cola's shares rose marginally in early trade on Monday. Heineken NV's Lagunitas craft-brewing label has launched a brand specializing in non-alcoholic drinks infused with THC, marijuana's active ingredient.
In the USA, medicinal use is allowed in 29 states and the District of Columbia and nine of the states have legalised both medical and personal cannabis use.
A source told BNN Bloomberg Television that the two companies are "pretty advanced down the path" of forging a deal.