In a stock pot add 4 cups of water and the sugar cane along with cinnamon, cloves and anise and simmer for 30 minutes on medium to high heat so that the sugar cane dissolves. Whisk every 5 minutes or so. This will make about 2 cups of the runny syrup do not expect a thick syrup it will be runny.
While your Sugar Cane Syrup is simmering on the stove start toasting your bread. I bought mine already cut and toasted so if this is an option at your grocery store go for it. My toaster oven takes about 8 minutes to toast a pound of bread so make sure to check your bread so it does not burn.
Let the sugar cane syrup cool for atleast 15 minutes before assembling and prepare all of the topping ingredients for layering.
Layering the Capirotada
Turn on your oven to 350F and begin to dip your pieces of bread in the sugar cane syrup one by one. I do it this way because I do not like very soggy bread pudding. However, some people prefer to pour the syrup one cup at a time spreading it amongst the layers of the bread.
Then top the layers with handfuls of sprinkles, raisins, shredded coconut, peanuts and optionally vegan cheese. Repeat as many layers as possible in the baking dish that you chose. The more the better. Cover with foil and place in the oven at 350F for 20 minutes. If you are using cheese uncover the baking dish at the 20 minute mark and place a layer of vegan cheese on the very top of the bread pudding so it can melt for an additional 10 minutes.
I enjoyed my bread pudding with Hernan Artisan Hot Chocolate you can find their link in the recipe notes below.