look up any word, like darude - sandstorm:
 
1.
It's mexican form of calling someone a redhead...
"Hey Canelo me traes una Caguama..."

Rough translation:
"Redhead where's my 40?"
by Decima_Dimension September 21, 2011
 
2.
A dirty sanchez,dirty jose from the Canelos family. Or some random spic.
Jd is a dirty canelos
by Alex April 18, 2005
 
3.
it´s a spanish slang to name a joint.
''I´m gonna make a fucking blunt''
translation: Me voy a hacer un CANELO''
by Maxsgcrew August 27, 2009