In a large bowl, combine rice, almonds, and broken cinnamon sticks. Pour 4 cups of hot water over them. Cover and soak for at least 8 hours (overnight is best).

While soaking, make the syrup: Simmer cherries, sugar, and water in a saucepan for 15 mins until thickened. Blend until smooth if desired and cool.

Pour the soaked rice mixture (including the water) into a blender. Blend on high for 2-3 minutes until very smooth and chalky.

Strain the mixture through a fine mesh sieve lined with cheesecloth into a pitcher. Squeeze out all the liquid and discard the solids.

Stir in the evaporated milk, condensed milk, vanilla, and remaining 2 cups of cold water. Mix well.

To serve, spoon cherry syrup into glasses. Fill with ice and pour horchata over the top. Garnish with a cinnamon stick.