In a large mixing bowl, using a hand mixer on medium speed, combine the sugar, coconut milk, eggs, sour cream, melted butter, and the coconut and vanilla extracts until the eggs are just incorporated.

In a separate bowl, mix together the flour, baking powder, and salt. Set aside 3 tablespoons of this mixture to coat the cherries. Then sift the remaining dry mixture into the bowl with the wet mixture and beat on medium speed until almost combined. Some streaks of flour are ok. You want to avoid overmixing.

Coat the pitted and quartered cherries with the 3 tablespoons of dry mixture. Set aside ¼ cup of the cherries to add to the top later. Add the rest of the coated cherries into the batter along with ½ cup of the toasted coconut flakes and gently fold together using a rubber spatula until just combined and evenly distributed in the batter.

Pour batter into the prepared loaf pan and top with the remaining cherries.

Bake in the preheated oven for 55 to 60 minutes, or until a toothpick inserted into the center comes out clean.

Remove from the oven and allow to cool for 15 minutes in the pan before removing and placing on a wire rack to finish cooling completely. Do not glaze until completely cooled.

To prepare the glaze, combine the powdered sugar, heavy whipping cream, and coconut extract into a medium mixing bowl and whisk until smooth. For a thicker glaze, add a little more powdered sugar. To thin it out, add a little more cream. Once you get the desired consistency, drizzle it over the cooled loaf and allow the glaze to set for 30 minutes before slicing.