Ditch that processed cheese for this real-food retooling of queso dip. Find annatto seeds at Latin markets or online. They’re the ingredient that provides the bright color.
Soak water and cashews in a bowl for at least 4 hours or overnight.
Drain soaked cashews; transfer to a blender, discarding the soaking liquid. Add almond milk; process until smooth, about 1 minute. Pour 1/4 cup of the cashew mixture into a small bowl. Add flour; whisk until smooth.
Pour remaining cashew mixture into a small saucepan; add annatto seeds. Bring to a boil over medium-high. Boil, whisking often, for 3 minutes. Pour through a fine mesh strainer into a heatproof bowl; discard annatto seeds. Return strained mixture to saucepan; whisk in flour mixture. Return to a boil over medium-high; boil, whisking constantly, for 3 minutes. Remove from heat. Whisk in nutritional yeast, salt, garlic powder, cumin, and cayenne.
Serve dip warm or at room temperature with vegetables and/or chips.