Canopy Growth (CGC -3.09%) investors can crack open a can of cannabidiol (CBD)-infused sparkling water over this one: The company announced Wednesday that it has launched its first line of CBD drinks, called Quatreau.

The announcement comes not long after the Canada-based marijuana company introduced its first line of cannabis-laced beverages. Those products were infused with tetrahydrocannabinol (THC), the substance that produces marijuana's famous high.

As for Quatreau, it is being introduced onto the Canadian market in both CBD-only and "balanced" versions, with the latter containing both CBD and THC. CBD is believed to contain medicinal properties.

Gloved hand holding marijuana leaf in front of Canadian flag.

Image source: Getty Images.

"We created Quatreau as an alternative to sugary, caffeinated beverages or even alcohol. With both CBD-only and 'balanced' (CBD + THC) offerings in four natural flavors, Quatreau meets the needs of discerning cannabis consumers," Canopy Growth quoted its CEO David Klein as saying.

Those four flavors -- in tune with current consumer tastes -- are cucumber + mint, passion fruit, ginger + lime, and blueberry + acai.

The company is placing sizable bets on THC- and CBD-packed drinks. Since the Canadian government's Cannabis 2.0 legislation came into effect in October 2019, derivative cannabis products such as drinks and edibles were legalized for consumption and sale. Canopy Growth already has three lines of pure THC-infused beverages: Tweed, Houseplant, and Deep Space.

Canopy Growth did not say when, or if, it has a strategy to roll out Quatreau on the U.S. market.

Thursday is turning out to be a good day for Canopy Growth investors. In late afternoon trading, the stock was trouncing the gains of the S&P 500 index with a more than 12% rise.