Add the water, chiles, and cinnamon to a pot and bring to a boil. Turn down the heat to medium and add the chocolate, milk, evaporated milk, salt, and allspice. Stir until the chocolate is melted.
When serving, add 1 oz. of reposado tequila and 1/2 oz. of mezcal to 4 1/2 oz of hot chocolate. Top with the Licor 43-infused whipped cream and sprinkle with cocoa dust.
Licor 43-Infused Whipped Cream: Whip together 1 oz. of Licor 43 and 2 cups of heavy cream to form soft peaks. Use immediately.
