Bring all ingredients except honey to a small simmer over the stove in a pot. Stir frequently with a wooden spoon so everything is well combined.
Once your mixture is thick and mixed well, pour it into a high-speed blender. Blend on high for 30 seconds. Add raw honey, blend for 15 seconds and pour coquito into a bottle.
Chill in the fridge, when nice and cool, serve with extra cinnamon and shredded coconut!