Lantern, a cannabis e-commerce marketplace, reported its financial and operational results on Thursday for fiscal year 2021.
Based in Boston, the company announced that it has experienced a 350% year-over-year growth following the expansion of its on-demand marketplace delivery platform into Colorado and Michigan.
Moreover, in July, the company became the first adult-use delivery platform to launch in Massachusetts and serve the Greater Boston area.
Since then, the company has secured partnerships with numerous local dispensaries and couriers, including Sanctuary, Cultivate, Freshly Baked, NETA, Garden Remedies, Insa and Theory Wellness.
In Michigan, the company has teamed up with dispensaries such as High Profile and Joyology over the past year. In addition, Lantern was the first to market in both Detroit and Grand Rapids.
“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,” Meredith Mahoney, co-founder and CEO of Lantern said. “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 officially transitioned to a separate corporate entity in October and obtained $40 million in capital from its former sister company, Drizly Group – an on-demand alcohol marketplace – following Uber’s acquisition of Drizly.