There were talks in September that Coca-Cola Co. was considering tapping into the cannabis market via a partnership with Aurora Cannabis Inc. The soft drinks giant was reportedly interested in developing a CBD-infused drink.
However, a few days after news broke of a possible deal between the two companies, the Canadian cannabis producer said that there was no agreement worth announcing.
Now, a month later, Coca-Cola’s CEO James Quincey said that the beverage maker does not have any plans to add a CBD category at this stage. He made this announcement during an earnings conference call on Tuesday.
Quincey’s statement came in response to Cowen & Co. analyst Vivien Azer’s about the rumors.
The cannabis-infused beverages market
Coca-Cola had confirmed earlier that they are closely watching the growth of CBD as an ingredient for functional wellness beverages.
Without a doubt, the cannabis- or CBD-infused drinks space is evolving quickly. A number of brewers are already teaming up with cannabis companies to develop pot-infused beers or cocktails.
In fact, big names in the beer industry have already made investments in the cannabis space. These include Constellation Brands Inc. and Molson Coors Co.
Check out our special report on cannabis and the beer industry, “Much Ado About Cannabis Beer.”
What about Pepsi?
Meanwhile, Coke’s rival, Pepsi, has not completely ruled out plans to join the cannabis sector.
Pepsi Chief Financial Officer High Johnston told analysts that they are looking at everything. However, he admitted that investing in CBD in the U.S. is going to be a considerable challenge. This is because cannabis remains illegal at the federal level.