PLACE 3 cups water and masa harina in blender; cover. Blend until smooth. Pour through fine mesh sieve into medium, heavy-duty saucepan. Discard solids. Bring to a boil. Reduce heat to low; cook, stirring frequently with wire whisk, for 6 to 8 minutes or until mixture is thickened.
STIR in evaporated milk, remaining water, sugar, vanilla extract and 3 cinnamon sticks. Bring to a boil. Reduce heat to low; cook, stirring frequently, for 5 to 8 minutes or until mixture is thickened. Remove cinnamon sticks. Serve warm sprinkled with ground cinnamon.