Till now Google Chrome displays extension icons either on toolbar or in three-dot menu when hidden, now Chromium developers working to offer a dedicated menu for extensions, in regards to that, they added a new flag- Extensions Toolbar Menu – in Canary version, which when enabled, adds a separate toolbar button and menu for extensions.

Google Chrome Extensions Toolbar Menu
To test it right now, ensure you’re using the latest Canary
1. Visit Chrome://flags
2. Find “Extensions Toolbar menu” flag, select Enabled
3. Relaunch the browser.
Now if you click on Extensions button on the toolbar, it lists the extensions with names (without icons), at the moment they are not working when clicked.
Do note by default extensions on toolbar and Chrome menu will be displayed by their icons instead of names and an extension name appears only when you hover over its icon.

Chromium developer in the dedicated bug says the new menu with a separate button on the toolbar is planned to replace Chrome menu and provides users better access to the extensions. The bug priority has been set to 1.
What’s your take on this? [Thanks to Leo for spotting this]
Related articles:
Chrome 48 now lets you hide extension icons in menu or show them in toolbar