Tilray Inc.'s  (TLRY) stock was popping Friday, Aug. 24, as the Canadian cannabis market heated up thanks to reports of a new potential investor. 

U.K.-based spirits maker Diageo (DEO)  has been holding discussions with at least three Canadian cannabis producers about a possible deal for a pot-infused drink, according to a BNN Bloomberg TV report. 

Diageo's interest comes at an important time for pot stocks in Canada as the legalization of recreational marijuana is set to take effect on Oct 17. 

Tilray shares were rising 11% Friday, while Canopy Growth Corp. (CGC - Get Report)  gained more than 10%, and Cronos Group (CRON - Get Report)  was up 16.6%. 

Diageo isn't the first alcohol company to attempt to get in on the cannabis revolution. 

Earlier this month, Constellation Brands Inc.  (STZ - Get Report) announced it was investing another $4 billion into Canopy Growth, boosting its stake in the company to 38% from 9.9%.

In the U.S. only nine states and the District of Columbia have legalized cannabis. So while the Canadian cannabis economy blooms the growth opportunities in the U.S. remain some years away.