Aurora Cannabis issued a statement early Tuesday saying it does not have a deal with Coke or any other beverage company to create cannabis-infused beverages.
Trading in Aurora shares was halted pending the comments by the company.
The drink would be infused with Cannabidiol, a constituent of cannabis, which can help ease inflammation, pain and cramping, but has no psychoactive effect.
"They're pretty advanced down the path" of doing a deal, according to one source who has direct knowledge of the talks between the two companies.
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Coca-Cola and Aurora Cannabis Inc. both declined to confirm the reports by BNN Bloomberg. "No decisions have been made at this time".
The marijuana company says it does engage in exploratory talks with industry participants from time to time, but there is no agreement or arrangement to announce.
Aurora says it was responding to a request for comment by the Investment Industry Regulatory Organization of Canada.
We asked the company for confirmation, denial or clarification of Bloomberg's reports but did not receive a response in time for publication.