In a large bowl, combine powdered sugar, cocoa powder, salt, and cinnamon.

Add coconut oil, water, and vanilla extract. Mix until a smooth syrup forms with no lumps.

Add flour and baking soda. Mix with a spatula until fully combined and smooth.

Form the dough into a 1-inch-thick disk, wrap in plastic wrap, and refrigerate for 10–15 minutes.

Preheat the oven to 325°F (165°C). Line baking trays with parchment paper.

Lightly flour both sides of the dough and roll between two sheets of parchment to ¼ inch thick.

Use a 2-inch round cutter to cut out cookies. Cut a ½–¾ inch center hole in half of the cookies using a piping tip or small round cutter.

Chill the cut dough on the trays in the fridge for 4–5 minutes before baking to prevent spreading.

Bake for 14–15 minutes, or until dry to the touch. Cool on the tray for 5 minutes, then transfer to a rack to cool completely.

In a heavy-bottomed saucepan over low heat, spread the sugar in an even layer and let it melt without stirring.

Once melted, swirl occasionally to prevent burning. Stir gently to dissolve any remaining crystals.

Remove from heat and stir in coconut oil (it will bubble).

Add coconut cream, stir vigorously, and return to heat. Cook until smooth, then let it reach 250–255°F without stirring.

Remove from heat, let the bubbling stop, then stir in vanilla and salt. Pour into a glass container and cool completely.

Place the cut-out cookie tops on a rack and dust with powdered sugar.

Spoon ¾ to 1 teaspoon of caramel onto the flat side of each full round cookie.

Gently press a powdered cut-out cookie on top to form a sandwich. Allow the caramel to settle.