According to a report by BNN Bloomberg, sources said that the world's largest beverage company is interested "in developing beverages that are infused with cannabidiol, commonly referred to as CBD, the non-psychoactive chemical found in marijuana plants". "The space is quickly evolving".
"No decisions have been made at this time", the beverage group said, adding that it would not comment on further speculation.
Coke isn't the first company to look into cannabis-infused drinks.
Coke says it's following the debate over the ingredient cannabidiol or CBD oil.
Coke would join a rush by major alcohol makers and a cigarette company to test the cannabis market and find partners ahead of the October 17 launch of legal recreational marijuana in Canada.
The beverages in question wouldn't focus on THC, the psychoactive component of marijuana of which Coke has no interest, but rather CBD, which is widely used in wellness products.
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It comes as Canada prepares to follow certain USA states in legalising cannabis for recreational use, after years of permitting it for medicinal purposes.
Other beverage makers have had similar discussions recently.
The drinks will be more about helping consumers with inflammation, pain and cramping and not about getting drinkers high, sources told Bloomberg.
Hard on the heels of a $5.1-billion deal to buy Costa Coffee last month, analysts said a move into marijuana-infused drinks fit with Coke's moves toward a healthier product portfolio.
Coca-Cola's shares rose marginally in early trade on Monday.
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.
BNN Bloomberg reported that shares in Aurora surged as much as 19% when markets opened Monday, paring gains to about 16% to $9.92 on the Toronto Stock Exchange.