Polish CBD and textile manufacturing company Kombinat Konopny raised 4.2 million zlotys in a record 38 minutes on Monday, November 16th, 2020. The offer, which attracted more than 700 buyers, broke the record of the country’s largest crowdfunding platform, Crowdway.pl.
Kombinat’s founder and CEO, Maciej Kowalski, said the CBD company will use the funds to boost its agricultural production, expand its textile technology, and improve its CBD oil production. The company also plans to hire additional workforce.
Currently, Kombinat Konopny is the producer of a variety of its own brand dietary supplements, hemp pollen, hemp flowers for tea, smokable hemp, and decarboxylated hemp that can be used in food or tinctures.
The company is finalizing its plans to develop CBD production and textile-making operations.
The crowdfunding capital raise has put in motion a five-year strategic plan in which Kombinat Konopny would go public and earn an estimated 25 million zlotys (€5.57 million $6.6 million) in sales by 2020.
That would turn the investors of this week’s crowdfunding offer into shareholders of the public company.
During the crowdfunding initiative, a total of 4 million shares, which translates into 17.36% of the company, was sold to the investors.
Kowalski said he started Kombinat Konopny in 2019 with about 4 million zlotys (€1 million, $950,000). He will retain the firm’s remaining equity.
Kowalski is a Polish hemp veteran who also founded HemPoland In 2014. The CBD company, one of Poland’s first hemp companies and producer of European CBD brand, CannabiGold, was sold in 2018 to The Green Organic Dutchman (TGOD).
Earlier this week, the Toronto, Canada-based TGOD warned investors of its growing losses citing that it might not stay in business for long.
Meanwhile, Crowdfunding.pl is one of the largest online crowdfunding platforms in Poland.
This year, the company recorded a total capital raise at 25 million zlotys (€6 million /$6.6 million).
