Pour 1 cup coconut milk in a small saucepan and whisk thoroughly until smooth (sometimes coconut milk separates while it sits on the shelf, so you may have to whisk it to break up clumps and fully incorporated it back together. Alternatively, shake the can vigorously before you open it to make sure the milk mixes back into its smooth, silky self).
Whisk in the gelatin and let the coconut milk mixture sit for 5-7 minutes. Do not stir (this is very important -- gelatin reacts with liquids to "bloom" and basically form lumpy clear bits that look sort of like it's curdling).
Add in the vanilla extract, then heat the pan over medium-low heat, whisking thoroughly to make sure the gelatin dissolves. Let steam rise from the surface of the milk, but don't bring it to a boil.
Remove saucepan from heat and stir in honey and remaining coconut milk.
Pour the coconut milk mixture into 6 small ramekins (or 8 very small dessert dishes). Arrange the ramekins on a baking sheet, cover loosely with plastic wrap and refrigerate for 3-4 hours until set.
When ready to serve, remove ramekins from refrigerator and fill the tray with hot water. Let ramekins sit for 2-3 minutes, then loosen the sides by running a sharp utility knife along the edge. Invert onto a dessert plate, top with cherries and serve immediately. (Alternatively, you can skip this step by just serving the dessert in ramekins, like I do.)
Recipe by Grits and Chopsticks at https://www.gritsandchopsticks.com/the-gravy-train/2015/06/coconut-panna-cotta-with-cherries.html