David A. Grogan | CNBC - Hugh Johnston, PepsiCo

PepsiCo is taking a hard look at the cannabis industry as other beverage makers explore the market.

"I think we'll look at it critically, but I'm not prepared to share any plans that we may have in the space right now," Chief Financial Officer Hugh Johnston told Jim Cramer and Sara Eisen on CNBC's Squawk on the Street on Tuesday.

Cannabis, which is federally illegal in the U.S., but legal in some states and in Canada, has attracted increasing attention from food and beverage companies as either an opportunity for future growth, or conversely, a threat to their brands.

Corona beer maker Constellation this summer announced an additional $4 billion stake in Canadian cannabis company Canopy Growth, following up on a previous investment in October.

Coca-Cola last month said it is "closely watching the growth of non-psychoactive CBD as an ingredient in functional wellness beverages," after reports surfaced it may be eyeing the cannabis-infused drink market.

The CBD is derived from the marijuana plant that some people believe provides therapeutic relief. It does not include THC, which is what gives cannabis-users a "high."

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