Polish hemp company Kombinat Konopny’s debut on NewConnect, the junior market of the Warsaw Stock Exchange, was one of the strongest openings ever seen on the platform and marks another step in the company’s steady progress.
The debut, Wednesday, April 1, drew unusually brisk demand, with buy orders far exceeding available shares. Before trading began, strong demand pushed the theoretical opening price to PLN 0.90, an 800% jump that triggered a delay under exchange rules. CEO Maciej Kowalski said he expects trading will begin at some point in the next two weeks.
Legitimate demand
While junior markets can be volatile, Kombinat’s debut looks less like a spike and more like real demand, with buyers willing to pay well above the starting price despite market mechanics that likely exaggerated the surge.
The demand builds on a retail investor base the company developed through earlier crowdfunding rounds, which helped finance expansion and established a broad shareholder community ahead of Wednesday’s listing.
Kombinat raised 4.2 million zlotys (about $1.05 million) in 38 minutes via an initial crowdfunding effort in 2020. Subsequent fundraising rounds brought the total to 23 million zlotys (about $6.2 million) — early signals of strong interest in the producer of CBD and hemp-textile goods that carried into the public debut.
Company details
“This is an important day for nearly 2,500 investors from across Poland who have trusted us at various stages of the company’s development,” Kowalski told StockWatch.pl. “Listing on NewConnect is a significant responsibility for us, but also a clear step toward additional markets and building long-term value.”
“Our goal is to introduce Kombinat Konopny products to every Polish home,” Kowalski added. “Poles deserve locally made products, free from polyester and artificial additives. Growing consumer awareness is helping us.”
Integrated model
Founded in 2020, Kombinat, based in Gronowo Górne near Elbląg in northern Poland, operates across two segments: herbal products and textiles.
The company has built a vertically integrated model that runs from cultivation through processing to finished goods, combining regional sourcing, in-house manufacturing and direct-to-consumer sales. Kombinat is now in its seventh year and continues to expand its textiles line — including clothing and fabric products — alongside a growing domestic retail presence for its CBD offerings.