In recent versions of Pandas (>= 1.2) this is built into merge so you can do:
from pandas import DataFrame
df1 = DataFrame({'col1':[1,2],'col2':[3,4]})
df2 = DataFrame({'col3':[5,6]})    
df1.merge(df2, how='cross')
This is equivalent to the previous pandas < 1.2 answer but is easier to read.
For pandas < 1.2:
If you have a key that is repeated for each row, then you can produce a cartesian product using merge (like you would in SQL).
from pandas import DataFrame, merge
df1 = DataFrame({'key':[1,1], 'col1':[1,2],'col2':[3,4]})
df2 = DataFrame({'key':[1,1], 'col3':[5,6]})
merge(df1, df2,on='key')[['col1', 'col2', 'col3']]
Output:
   col1  col2  col3
0     1     3     5
1     1     3     6
2     2     4     5
3     2     4     6
See here for the documentation: http://pandas.pydata.org/pandas-docs/stable/merging.html