BEND — Bend’s 10 Barrel Brewing Co., currently owned by Anheuser-Busch, is among a list of craft breweries in the process of being sold to a New York-based cannabis company that recently began expansion into craft beverages.

The cannabis-focused company, Tilray Brands, reached out to Anheuser-Busch early last year with interest in purchasing some of the company’s craft breweries, Anheuser-Busch told The Bulletin on Tuesday. Since then, an agreement has been made for Tilray to acquire Shock Top, Breckenridge Brewery, Blue Point Brewing Co., Redwood Brewing, HiBall Energy, Portland’s Widmer Brothers Brewing and Square Mile Cider Co., and 10 Barrel, Tilray said in a news release Monday.

The acquisition includes current employees, breweries and brewpubs associated with the eight craft breweries, the release said. The $86 million cash deal is expected to be finalized in September and will make Tilray the fifth-largest producer of craft beer by volume in the U.S., according to reporting by The Oregonian.

The definition of “craft” is up for debate, and according to the Brewers Association, the industry group representing the craft beverage industry, Tilray Brands does not qualify as craft given its large size. The acquisition by Tilray highlights the tensions in the beer industry, which came to a head in Bend after 10 Barrel was acquired by Anheuser-Busch in 2014. Anheuser-Busch is owned by Anheuser-Busch InBev.

10 Barrel, founded by twin brothers, Chris and Jeremy Cox in 2003, currently has two locations in Bend, a brewpub at 1135 NW Galveston Ave., and a pub, brewery and headquarters at 62950 NE 18th St. The brewery also has locations in Portland and Boise Idaho. 10 Barrel recently received seven medals in the 2023 Oregon Beer Awards.

The CEO and chairman of Tilray, Irwan D. Simon, told The Oregonian the company is enthusiastic about the potential in the craft brewing industry.

“We are excited to work with the teams behind these iconic brands that command great consumer loyalty and have a history of delivering strong award-winning products with tremendous growth opportunities,” Simon said.

“Tilray is fully committed to invest in and champion the future of the U.S. craft beer industry by fueling new innovation that excites and further accelerates the growth of its consumer base.”

Andy Thomas of Anheuser-Busch said the company is also committed to continuing the development of its craft beer business, and that the company remains committed to the craft breweries it still owns.

“The talented people behind these brands and breweries, along with our significant investments in them over the years, have positioned them for a bright future with Tilray Brands,” Thomas said.

“We are committed to working with Tilray Brands over the coming months to ensure this is a smooth transition for the people who are working every day to get these amazing beers and beverages to consumers across the U.S.”