Reports: Lantern to operate as independent private company after Uber-Drizly deal

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(RTTNews) – Cannabis delivery platform Lantern has said it will operate as an independent private company following the sale of its parent company Drizly to ridesharing company Uber Technologies, according to reports.

Lantern, a cannabis e-commerce marketplace and delivery platform, is an independent subsidiary of Drizly Group, an online marketplace and liquor delivery service in North America.

Lantern President Meredith Mahoney has reportedly said that since launching in 2020 Lantern has been an independent subsidiary of the Drizly Group and will now operate as a fully self-sustaining private company, separating from the parent company.

Uber has agreed to acquire Drizly for around $ 1.1 billion in stock and cash, the two companies said on Tuesday. The acquisition is expected to be finalized in the first half of 2021. However, the acquisition does not include Lantern.

Once the transaction is finalized, Drizly will become a wholly-owned subsidiary of Uber. Uber said the Drizly Marketplace will eventually be integrated with the Uber Eats app, while a separate Drizly app will also be maintained.

Lantern connects patients to licensed medical cannabis dispensaries by showing each dispensary’s product selection and prices. The Company allows cardholders to place orders with dispensaries for fulfillment directly at the cardholder’s home by the dispensary.

Lantern currently operates in Massachusetts for medical marijuana and in Michigan for medical and recreational marijuana.

In December 2020, Lantern said it plans to be the first on-demand cannabis delivery service to offer recreational delivery in Colorado, starting in early 2021.

Around this time, Lantern noted that residents of Aurora, whose city council voted in favor of recreational delivery on December 21, will likely be the first in the state to access the company’s services once the city ​​will have finalized the authorization process this year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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