Rinse the rice under cold water until the water runs clear. This removes excess starch and prevents the rice from being too sticky.
In a medium pot, combine the coconut milk, water, sugar, salt, and cinnamon sticks. Stir well and bring to a simmer over medium heat.
Add the rinsed rice to the pot with the coconut mixture. Stir to combine.
Bring the mixture to a boil, then reduce the heat to low.
Cover the pot with a tight-fitting lid and let it simmer for about 20-25 minutes, or until the rice is tender and has absorbed the liquid.
If using, stir in the grated coconut during the last 5 minutes of cooking for added texture and flavor.
Once the rice is cooked, remove the pot from heat and let it sit, covered, for about 5 minutes.
Fluff the rice with a fork before serving.
Enjoy your meal!