On a baking sheet lined with parchment paper, spread the cashews and coconut in a thin layer and bake for 15-20 minutes until golden.
Allow the mixture to cool to room temperature and transfer to the bowl of a food processor or blender. Blend the mixture until creamy, the consistency of peanut butter, approximately 10 minutes. Add the vanilla and continue to process for another minute.
Transfer to an airtight container and store in the refrigerator for up to 3 weeks.