The CBD gummy market is exploding, and is expected to reach nearly $14 billion by 2028. Within the overall hemp category, gummy products have expanded by roughly 30 percent in less than seven years (with the CBD market as a whole growing by over 20 percent in that same time frame).
To put it simply, the popularity of the green boom is not fading anytime soon. And in this fast-paced industry, two big names have come together to make waves: Verma Farms, a top CBD gummy maker, has acquired Penguin CBD, a Gen Z-founded company that also excels in the market. This powerful collaboration has resulted in a CBD gummy lineup that is set to dominate the hemp market.
Verma Farms and Penguin had a real advantage with their delicious and reasonably priced CBD gummy offerings. They were already leading the pack before they joined forces, but now they are ready to take their game to new heights in the upcoming year as the market is about to explode. Since North America has the biggest slice of the market, these two American companies have an even stronger position.
In 2019, Verma Farms and Penguin were born. AJ Agrawal created Verma Farms, while Deep Patel founded Penguin. Unfortunately, right after their launch, both companies had to confront the unexpected struggles that came with the global pandemic and economic crisis in 2020. However, these determined CEOs didn’t let these challenges dampen their spirits. Surpassing the obstacles that often plague small businesses in their infancy, both Verma Farms and Penguin not only persevered but also achieved significant growth. Recognizing the accomplishments of Penguin, Verma Farms decided to acquire the brand on May 13, 2021, using an undisclosed cash payment.
In the exciting journey ahead, Penguin will maintain its unique identity and pursue its original goal under the Verma Farms family. With the powerful support and resources now available, Penguin can spread its wings and bring forth new and enticing products. The Verma Farms team, joined by dedicated members from the Penguin core team, will unite their expertise and passion during this acquisition. Patel, a valuable player, will continue to lend guidance as an advisor. With this collaboration, Penguin is poised to make even greater strides and serve its audience like never before.
According to Patel, he expressed sheer joy in entrusting his own company to a highly reputable brand. He emphasized that his CBD brands and the shared goal they have go beyond just business. Both parties are dedicated to making a positive impact on individuals and the environment. They are firmly committed to operating their businesses in an environmentally conscious and sustainable manner, with the primary focus being on delivering the healthiest products for consumers.
Verma Farms, a leading CBD gummy brand, is anticipated to see growth in various sectors of their product lineup. This includes the availability of both high-concentration and low-concentration options, catering to different consumer preferences. CEO Agrawal and COO Patel have assured that Verma Farms will continue to expand their product range, offering one of the most extensive selections of CBD-infused goods on the internet. As part of their core assortment, customers can expect popular choices like Penguin’s highly sought-after sour worm CBD gummies and Verma Farms’ acclaimed Maui melon gummies. With this commitment to quality and variety, Verma Farms aims to meet the evolving needs of CBD enthusiasts.
Meet Patel, a young and dynamic CEO from Gen Z. At the age of 22, Patel kickstarted his professional journey as a marketing consultant. With his exceptional media skills, he has successfully infused his CBD business, Penguin, with a remarkable sense of uniqueness in a market flooded with countless new brands. Patel’s secret ingredients for success include offering premium products, made entirely in the USA, at affordable price points. Additionally, he curates a diverse range of flavors that sets his brand, Verma Farms, apart from the crowd. It’s no surprise that Verma Farms was more than eager to seal the deal with such an impressive combination of factors.
Verma Farms, on the flip side, took its cue from Agrawal’s experience on the stunning islands of Hawaii. The essence of unspoiled beauty, a harmonious connection with nature, the welcoming warmth, and the naturally healthy and laid-back way of life deeply resonated with the CEO and founder. Consequently, Verma Farms found its home in the same state that encapsulated these incredible values. Just like Patel, Agrawal also boasts a background in marketing. This shared foundation played a significant role in facilitating a seamless blending of their respective businesses.
Agrawal expressed his excitement about the inclusion of Penguin in the Verma Farms family, emphasizing the significant boost it brings to their ability to offer top-notch, health-focused products to a wide audience. He commended Deep for their remarkable business, which revolves around a thorough understanding of the younger generation’s preferences. This seamlessly aligns with Verma Farms’ core principles and existing infrastructure. With their collaborative efforts and streamlined processes firmly established, they are heading into quarter three of 2021 with an unprecedented level of confidence.
When Verma Farms and Penguin join forces, they can push through the competition and stand out by using smart marketing strategies, strong branding, and innovative product ideas. Their commitment to high-quality agriculture and manufacturing practices helps them stay ahead of the game. This partnership creates a dynamic duo that knows how to captivate their audience and deliver top-notch products.
According to Patel, the past couple of years have been quite a remarkable adventure for both himself and his business. The hemp industry has gone through immense transformations within a short span of time, and as a result, every business owner in this sector has had to be consistently alert and adaptable. However, with our partnership with Verma Farms, we have become even more resilient and robust. Patel is truly thrilled about the possibilities of further innovation and disruption in this competitive industry, with the promise of increased profits, expansion, and most importantly, improving the well-being and satisfaction of our customers.