In a small bowl bloom the gelatin with the cold water and set aside for a few minutes while you heat the cream.
In a medium pot over medium high heat, bring the cream, milk, sugar and vanilla bean to a boil.
Turn off the heat immediately and add in the thickened gelatin mixture. whisk until the gelatin has dissolved completely into the warm cream mixture.
Add in a pinch of salt add the vanilla extract. Avoid over whisking.
Divide the Panna Cotta over 4 ramekins and set to chill in the fridge for a minimum of 6 hours, preferably overnight. Chill the Panna Cotta uncovered.
On the day of serving, cook the cranberry sauce.
Add all ingredients to a medium pot over medium high heat and cook while stirring until the cranberries cook down and the sauce thickens.
Chill the cranberry sauce for 2 hours.
To un-mold and serve the Panna Cotta, add hot water (not boiling) in a shallow dish. Dip the bottom of the ramekins in the hot water for just a few seconds. Be careful not to heat the bottoms too much as it will cause the dessert to start melting.
Flip the ramekins to the serving plate and top each with cranberry sauce.