Memes have become a dominant form of communication in social media in recent years. Memes are typically humorous and harmless, however there are also memes that promote hate speech, being in this way harmful to individuals and groups based on their identity. Therefore, detecting hateful content in memes has emerged as a task of critical importance. The need for understanding the complex interactions of images and their embedded text renders the hateful meme detection a challenging multimodal task. In this paper we propose to address the aforementioned task leveraging knowledge encoded in powerful Large Multimodal Models (LMM). Specifically, we propose to exploit LMMs in a two-fold manner. First, by extracting knowledge oriented to the hateful meme detection task in order to build strong meme representations. Specifically, generic semantic descriptions and emotions that the images along with their embedded texts elicit are extracted, which are then used to train a simple classification head for hateful meme detection. Second, by developing a novel hard mining approach introducing directly LMM-encoded knowledge to the training process, providing further improvements. We perform extensive experiments on two datasets that validate the effectiveness of the proposed method, achieving state-of-the-art performance. Our code and trained models are publicly available at: https://github.com/IDT-ITI/LMM-CLIP-meme.