Crack open the coconuts and extract the white flesh. Grate the coconut flesh finely using a box grater or food processor until you have about 4 cups of grated coconut.

In a heavy-bottomed pot or dutch oven, combine the grated coconut with 2 cups of water. Bring to a gentle simmer over medium heat.

Grate or chop the tapa de dulce (panela) into small pieces. Add to the coconut mixture along with the cinnamon stick.

Stir constantly as the mixture begins to cook. The sugar will dissolve and the coconut will release its oils.

Continue cooking over medium-low heat, stirring frequently to prevent sticking. The mixture will gradually thicken and darken to a golden caramel color.

After about 30-35 minutes, the cajeta should be very thick and pull away from the sides of the pot. Add vanilla extract and a pinch of salt, stirring well.

Test the consistency by dropping a small amount onto a cold plate. It should hold its shape when cooled.

Remove from heat and discard the cinnamon stick. Pour the hot cajeta into a greased baking dish or onto a greased marble slab.

Allow to cool completely at room temperature for about 2 hours until firm.

Once cooled and set, cut into squares or diamond shapes using a sharp knife dipped in hot water.

Wrap individual pieces in wax paper for storage or arrange on a serving platter.