Cut 24x12-inch sheet of waxed paper. In large bowl, mix pretzels, cereal, cranberries and cashews.
In small microwavable bowl, microwave candy coating and peanut butter on High 1 minute. Stir well; microwave 15 to 30 seconds longer or until melted and mixture can be stirred smooth.
Gradually pour melted candy coating mixture over pretzel mixture, stirring to coat all pieces. Quickly spread mixture onto waxed paper into 12x8-inch rectangle, about 1/2 inch thick. Let stand 30 minutes or until set. Break into 2x2-inch pieces.