In a large saucepan over medium heat, whisk together the ½ cup heavy cream and ½ cup light coconut milk with the 1 tablespoon cornstarch, if using.
When smooth, reduce the heat to low and whisk in the 1 cup sugar, 1/4 cup butter and 1 teaspoon vanilla extract. Continue to heat until sugar dissolves, approximately 5 minutes.
Remove from the heat and stir in the ¼ teaspoon baking soda and ¼ cup shredded sweetened coconut. Use immediately.
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Notes
*Cornstarch is optional for a thicker, traditional maple syrup consistency. For a thinner syrup, omit this.