Up and coming cannabis delivery platform company Lantern announced its financial and operational results for fiscal year 2021, ending 12/31/21. Lantern reported a 350% year-over-year growth following the expansion of its on-demand marketplace delivery platform into Colorado and Michigan, two of the fastest-growing cannabis delivery markets in the U.S. In July 2021, Lantern became the first adult-use delivery platform to launch in Massachusetts and serve the Greater Boston area.
“Lantern’s record year of growth is a bellwether for the enormous potential of the cannabis delivery market －especially considering how consumer adoption of delivery services increased by 25% throughout the country,” said Meredith Mahoney, Co-Founder and CEO of Lantern. “Our team is eager to leverage our current momentum and foster deeper relationships with additional local partners to bring accessible and personalized cannabis retail experiences to an ever wider audience in the upcoming year.”
Lantern said it has secured partnerships with numerous local dispensaries and couriers, including Sanctuary, Cultivate, Freshly Baked, NETA, Garden Remedies, Insa, and Theory Wellness. In Michigan, where Lantern was first-to-market in both Detroit and Grand Rapids, the company has partnered with leading dispensaries such as High Profile, and Joyology over the past year.
In October 2021, Lantern officially transitioned to a separate corporate entity and received $40 million in capital from its former sister company, Drizly Group －the largest on-demand alcohol marketplace in the United States－after Uber finalized its acquisition of Drizly. In February 2021, Uber announced an agreement to acquire Drizly for approximately $1.1 billion in stock and cash.
Drizly was co-founded by Justin Robinson in 2012 and is currently the largest on-demand alcohol marketplace in the United States. Under his leadership, Drizly’s network grew to over 5,000 retailer partners that reach 235 over markets across North America. In 2015, Justin was named to Forbes’ prestigious 30 Under 30 List under the Food and Wine category. Lantern, which was incubated out of Drizly, launched in May 2020 and uses Drizly’s leading marketplace technologies and operational expertise to support best-in-class consumer and retailer experiences.