Verma Farms, a hemp and CBD company headquartered in Maui, Hawaii, has acquired Penguin, a Generation Z-focused hemp and CBD company based in New York.
Founded by Deep Patel in late 2019, just before the coronavirus pandemic disrupted business worldwide, Penguin grew sales throughout the past year and a half, catching the attention of Verma Farms CEO and founder AJ Agrawal, who also launched his business in 2019.
The two socially conscious brands will combine their teams and their portfolio of products under the Verma Farms umbrella to focus on marketing responsibly sourced hemp-derived CBD products to Generation Z consumers.
The all-cash deal amount was not disclosed, but the transition is to take effect immediately, according to a joint announcement.
“As a brand, one of our core focuses has been to ensure transparency for our consumers,” Patel said in a statement.
“We’re ecstatic to join up with Verma Farms, which shares this vision in making sure everyone who buys a CBD product knows exactly what goes into it, therefore knowing exactly what’s going into their bodies.”