It certainly uses Coca leaves.
> Coca-Cola might have taken the cocaine out of their drink, but the company still needed to source coca leaves, which became more and more challenging. By 1914, the American federal government had officially restricted cocaine to medicinal use. So, as the government began debating an official import ban, Coke sent its lobbyists into the fray, pushing for a special exemption. Their fingerprints are all over the Harrison Act of 1922, which banned the import of coca leaves, but included a section permitting the use of “de-cocainized coca leaves or preparations made therefrom, or to any other preparations of coca leaves that do not contain cocaine.” Only two companies were given special permits by the act to import those coca leaves for processing — one of which was Maywood Chemical Works, of Maywood, New Jersey, whose biggest customer was the Coca-Cola company.
> This special loophole would carry over in every piece of anti-narcotics legislation that followed, including international agreements restricting the global trade in coca leaves. Over the ensuing decades, the company continued to demonstrate the lengths to which they would go to protect their supply, from supporting opposition to the traditional use of coca, to developing a secret coca farm of their own on Hawaiʻi.
https://www.eater.com/23620802/cocaine-in-coca-cola-coke-rec...