In an industry long defined by fragmented supply chains and unrealized promises, Poland’s Kombinat Konopny is beginning to show what a fully integrated hemp business can look like in practice as it prepares to test that model with public investors.
The company has built tightly controlled operations from field to finished product, combining regional sourcing, in-house manufacturing and direct-to-consumer sales in a model many have described but few have executed.
It is built around a localized, vertically integrated value chain that turns regional crops into finished goods through regenerative farming, nearby processing and circular manufacturing systems that use all parts of the hemp plant.
Now in its seventh year, Kombinat continues to expand its textiles business — primarily clothing basics and branded fabric products sold across Europe — while also building a trusted domestic retail distribution network for its CBD line as it moves toward a planned listing on Warsaw’s NewConnect exchange this year.
Uptick in clothing sales
CEO Maciej Kowalski said an expanded number of textile products and improved online marketing in support of its Kombinat.eu website started to generate measurable results in the company’s key growth unit at the end of last year.
Kombinat’s line of casual fashions, home goods, bags and accessories are designed and produced in-house, with sales driven largely through its own channels. Marketing and advertising are also managed internally.
As Kombinat’s product pipeline matured, Kowalski said the company found an effective, scalable formula for social media spots featuring family, friends and employees in video clips and images.
“The dynamics are wonderful,” Kowalski said of the advertising, which started in Q4 2025. “We started actively, in a natural way, with short videos and paying Facebook to run those to millions and millions of people.”
Reviving technology
Kombinat’s textile capacity was built by tapping into Central and Eastern Europe’s dormant flax and linen infrastructure. To outfit its factory, Kombinat searched for older spinning and fiber-processing machines, particularly equipment originally designed for flax. The company refurbished and brought some back into operation, and used others as mechanical templates for custom-made machines adjusted to handle hemp.
Supplement business steady
The company’s supplement business – mainly wellness and herbal products based on CBD – is limited to Poland, but is firmly established, according to Kowalski.
“Our customers buying these products are older people who prefer to shop locally from a person they know,” he said. “They don’t trust online shopping but have a higher belief in herbal medicine. So we’re reaching them through organic shops and herbal shops.”
Those customers are half Kombinat’s CBD business, with the other half coming from online sales.
Turning a corner
Kowalski said Q4 2025 was the first period in which both textiles and CBD made significant contributions to total revenue at the same time.
Kombinat reported Q4 2025 sales revenue of PLN 2.04 million ($510,000), a nearly 73% increase over 2024 revenues of PLN 1.18 million (about $295,000). Kombinat also reduced its net loss to PLN 0.08 million (about $20,000) for the quarter, compared to PLN 1.46 million (about $365,000) in 2024.
Perhaps most importantly, the company reported positive EBITDA of PLN 0.15 million (about $38,000) in Q4 2025 after a loss of PLN 1.19 million (about $298,000) in 2024 — showing its core operations have turned profitable before interest, taxes, and other accounting charges.
“These results demonstrate that our business has reached a clear turning point,” Kowalski said.
Crowdfunding roots
Kombinat got an early boost in 2020 through a record-breaking crowdfunding campaign in Poland that raised 4.2 million zlotys (about $1.05 million) in 38 minutes. Subsequent fundraising rounds brought the total to 23 million zlotys (about $6.2 million). Those rounds revealed strong retail investor interest and helped finance the company’s expansion as it now moves toward a public listing on NewConnect, the Warsaw Stock Exchange’s junior market for smaller, high-growth companies.
Kowalski said he sees the public listing as a natural step in Kombinat’s development that will support scaling and brand recognition as it builds on a Europe-wide strategy based primarily on online sales.
If the public listing is completed, Kombinat Konopny would become the second hemp-focused company on NewConnect after Green Lanes SA, which is active in hemp-based consumer and industrial products.