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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).
In other words, the green boom is showing no signs of slowing down. In this race, two of the shining stars in the industry have joined forces: leading CBD gummy manufacturer Verma Farms acquired Gen Z−founded Penguin CBD (another leader in the industry) to create one of the hemp market’s most competitive CBD gummy portfolios.
With some of the tastiest, most affordable CBD gummy products on the market, Verma Farms and Penguin already had a leading edge before the merger. After combining forces, they intend to be even more competitive in the coming year as market share is set to take off. With North America holding the largest market share, these two U.S.-based companies are even better positioned.
Verma Farms and Penguin were both founded in 2019, by AJ Agrawal and Deep Patel, respectively. Just after both businesses were launched, the two CEOs and founders faced unprecedented challenges due to the 2020 global pandemic and economic crisis. Yet, despite all the adversity a small business could possibly face in their first year, they not only survived; they scaled….