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Tilray Inc.'s  (TLRY) - Get Tilray Brands, Inc. Reportstock 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) - Get Diageo Plc Report  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. 

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Tilray shares were rising 11% Friday, while Canopy Growth Corp. (CGC) - Get Canopy Growth Corporation Report  gained more than 10%, and Cronos Group (CRON) - Get Cronos Group Inc 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 Constellation Brands, Inc. Class A 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.