The markets punished Tesla on Friday when CEO Elon Musk smoked pot on camera with comedian Joe Rogan, but some of the world's largest companies are aggressively embracing the green.

What's going on: As alcohol consumption around the world keeps falling, big distillers and brewers are putting their money into cannabis-infused, non-alcoholic cocktails.

The bigger picture: The world is drinking less alcohol — and that's in part due to the rise of legal weed. Alcohol consumption fell 15% between 2006 and 2015 in U.S. states offering medical marijuana licenses, according to a study by researchers from the University of Connecticut, Georgia State University and Universidad del Pacifico in Lima, Peru.

The latest: A string of deals between alcohol companies and cannabis companies illustrate the next big thing in beverages, per CB Insights' Anand Sanwal.