Heat the coconut milk in a heavy bottomed saucepan and bring to a boil.
Reduce heat to simmer until the coconut milk liquid has evaporated and the coconut solids separate from the oil. Continue to cook, stirring constantly, until coconut solids are golden brown, between 15-20 minutes.
Stir in the rice to coat. Add raisins. Add water, salt, sugar, and cinnamon stick.
Bring water to a boil, then lower heat and simmer rice, covered, for about 20 minutes. Turn off heat and let rice remain on the stove for another 5-10 minutes, covered.
Fluff rice and serve.