In a large saucepan, bring broth, chiles, and cinnamon stick to a boil. Reduce the heat, cover, and simmer for 30 minutes, or until chiles are tender.
Drain the chiles (place them into a high powered blender, but discard the cinnamon stick). Reserve the cooking liquid (you should have 2 cups) in a large measuring cup. Set aside.
Heat vegetable oil in a medium sauté pan over medium heat. Add the onion and cook until softened, about 3 minutes, stirring occasionally.
Add the tomato paste, garlic, and spices and cook for an additional 2 minutes.
Transfer the mixture to a blender, add in the cooking liquid (should have 2 cups liquid) and puree until smooth.
Add more water, as necessary, until desired consistency is reached, and strain with a fine mesh sieve, if desired.
Re-season, if necessary and enjoy!
Store leftovers in a sealed container in the fridge.