The world's largest beverage company, based in Atlanta, is in "serious talks" with Canadian cannabis producer Aurora Cannabis Inc to develop cannabis-infused drinks, sources familiar with the matter told BNN Bloomberg.
"The space is evolving quickly", Coca-Cola said.
It says it hasn't made any decisions about using it in coke products.
Also last month, Molson Coors Canada entered into a joint venture with HEXO Corp.
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A partnership between Coke and Aurora would mark the first entry of a major manufacturer of non-alcoholic beverages into the market for cannabis-related products.
Coca-Cola has reportedly looked at other cannabis outlets as potential partners, with one source telling BNN Bloomberg that the company had high-level talks with the Canadian company Aphria Inc two months ago, but that those talks did not progress.
Although Canada is gearing up to legalize marijuana for recreational use on October 17, beverages infused with the plant's active ingredients won't be legal until sometime in 2019.
Cannabidiol, a constituent of cannabis, can help ease inflammation, pain and cramping, but has no psychoactive effect. It is the non-psychoactive chemical component of marijuana used for medicinal objective which doesn't produce the high that usually comes from tetrahydrocannabinol (THC).
Aurora was up more than 15% in early trading Monday following the report. "There is so much happening in this area right now and we think it has incredible potential". It has been used to treat epilepsy and other maladies. The first-ever medical treatment derived from a marijuana plant will hit the USA market soon, after regulators in June gave an epilepsy treatment by GW Pharmaceuticals Plc the green light. The company is the world's largest beverage maker, responsible for 1.9 billion of the 60 billion beverage servings every day.