Heat water over medium-low heat in a medium saucepan. Add cinnamon, nutmeg, star anise, and clove. Bring to a low simmer and simmer 10 minutes. Strain out herbs through a fine-mesh strainer reserving liquid.
Return liquid to the stove and add coconut milk and Chaga tea. Heat for 3 minutes or until steaming. Stir in honey. Turn heat off. Use an immersion blender to froth tea for 10-15 seconds. Divide between two mugs. Enjoy hot.