155 Mike Fata: Founder & Former Chairman & CEO of Manitoba Harvest

Coopetition

Mike Fata, the founder of Manitoba Harvest, emphasizes the importance of "coopetition"—a strategy of collaborating with competitors to strengthen the industry. He believes that working together with other hemp food companies, despite the challenges, benefits the entire sector. This approach not only fosters innovation but also expands market presence, as Mike explains, "If you could convince someone that there's two or three or four brands of unsweetened flavored water that need to be on the shelf instead of just your own brand, that's to the benefit of all."

If you could convince someone that there's two or three or four brands of unsweetened flavored water that need to be on the shelf instead of just your own brand, that's to the benefit of all.

--- Mike Fata

He advises entrepreneurs to adopt this mindset for mutual growth and success 1.

   

Business Deals

Strategic business moves played a pivotal role in Manitoba Harvest's growth. After selling the majority of the company to Compass Diversified Holdings in 2015, Mike Fata quickly initiated the acquisition of their largest competitor, Hemp Oil Canada, for $42 million. This move solidified Manitoba Harvest's position as the largest hemp food company globally. Mike reflects on the rapid expansion, stating, "2015 was a very busy year, a very exciting year. I've learned more in business that year than I probably had, like, 15 years before that."

2015 was a very busy year, a very exciting year. I've learned more in business that year than I probably had, like, 15 years before that.

--- Mike Fata

These strategic decisions not only enhanced the company's market dominance but also set the stage for future growth 2.