It's mexican form of calling someone a redhead...
"Hey Canelo me traes una Caguama..."

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

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