In a small saucepan, combine the brown sugar, honey, water, and cinnamon.
Bring the mixture to a gentle boil over medium heat. Boil for 5 minutes.
Reduce the heat and simmer for another 5 minutes, stirring occasionally.
Remove from heat and stir in vanilla bean paste.
Let cool completely, then transfer to a mason jar or syrup dispenser.
Store in the refrigerator for up to 3 weeks.