From J.P. Morgan to mushroom and cannabis beverages, Pete Olander has taken an unconventional path into one of the fastest-growing spaces in food and beverage. As founder of Happie, Olander has built a vertically integrated wellness beverage company focused on hemp-derived THC drinks and functional mushroom products designed to offer consumers approachable alternatives to alcohol and traditional energy drinks.
In a recent episode of quench’s podcast, Forktales, Pete discussed the realities of bootstrapping a cannabis brand, the growing sober-curious movement among younger consumers, and why functional ingredients like lion’s mane and cordyceps are reshaping the beverage industry. He also shared insights on branding, consumer trust and navigating the complex regulations surrounding cannabis beverages.
What inspired you to leave private banking and enter the cannabis and mushroom beverage industry?
When I was working at J.P. Morgan, it was a great introduction to business owners and entrepreneurs who had done things differently and gone against the grain. As their banker, I spent a lot of time with them and developed some really great relationships. I was able to ask deep questions and understand why they were able to take risks and build successful companies.
That got me thinking about where I could add value and what I would want to do if I could be my own boss. That’s really what launched me into pursuing other avenues instead of the corporate world.
Why did you choose to bootstrap the business instead of taking institutional funding?
Anytime you take on money from an investor or institution, you lose control. In this industry, especially when I started, it was still kind of the Wild West. There are a lot of things changing and a lot of unorthodox ways to go about doing business.
If you’re always having to check with the board or somebody who isn’t involved day to day, you’re at a supreme disadvantage. It also forces you to really do the work yourself. If you don’t know how to do the work yourself, how are you going to manage people doing the work?
What’s the biggest misconception consumers have about cannabis and mushroom beverages?
The biggest misconception with cannabis is that people think, ‘I’m going to drink this and stare at a wall for five hours,’ or ‘I’m just going to go right to bed.’ Not with ours. It’s about monitoring dosages and making sure they’re consistent because we want people to have a really good experience.
For the mushroom beverages, people think they won’t like the taste of mushrooms. But I think they’re pretty surprised when they try what we’ve put out.
Who is the target consumer for Happie beverages?
I wanted to give people an alternative to drinking alcohol. I was never really a big drinker because it really banged me up the next day.
The younger generations don’t think it’s cool to get out of control anymore. They want to be in control but still have a good time. They’re way more accepting of cannabis and hemp and natural products.
At the same time, there’s an older demographic that’s been beat down from drinking alcohol for so long. There’s a wellness trend happening across the country and people want products that make them feel good.
