Blend all ingredients in blender until smooth.
Transfer to large glass measuring cup.
Pour half of Margarita base into blender; add 3 1/2 cups ice cubes.
Blend until mixture is slushy; pour into salt-rimmed Margarita glasses, and garnish with cranberries.
Repeat with remaining Margarita base and 3 1/2 cups ice cubes.
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