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Blend almonds until floury.
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Place sugar and water in a medium/small pot and bring them to a boil, cook until when you dip a spoon inside the mixture, and you pull it out, the drops that fall stretch a bit before falling back into the pot.
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Remove from heat, add the almond meal and the vanilla extract, and mix to incorporate.
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Wet the working surface with your hands and pour the mixture over it.
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Wait till temperature decreases enough (careful, I got burned!) to work it with your hands. Give it at least 30-40 minutes.
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Knead the mixture with wet hands (wet them again if you feel like the dough is too dry) for about 5 minutes.
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This is when you can add the food coloring to change the dough color: add a few drops, work it at least for a minute and add more coloring if necessary, until you get the desired color.
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Roll out the marzipan and shape it or cut it out as per your needs.
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If not, form a ball, wrap it in plastic and refrigerate.