Place almond paste in food processor with metal blade in place: process until finely chopped. Add butter and sugar; process until thoroughly mixed. Add egg white; process until smooth. Add flour and cinnamon; process until dough forms a ball. Remove from processor; wrap in plastic and chill 1/2 hour or until firm.
Roll dough on lightly floured work surface, approximately 1/4 inch thick. Cut into desired shapes. TRansfer to a lightly greased baking sheet; bake at 325 degrees, 10-12 minutes, until lightly browned. Removed cookies to a rack to cool. Mix together powdered sugar, milk and almond extract. Divide glaze into separate bowls and tint each bowl as desired with food coloring. Spread cookies with glaze and allow to dry and harden before serving.
