Historically it has been valued for its coloring properties and used for body paint and even a predecessor to lipstick. It's been also been used as traditional folk medicine and in addition to being high in antioxidants and tocotrienols (belied to prevent cancer), it has antimicrobial properties. Of course, we all know that comsuming good quality olive oil on a daily basis, more commonly known as the Mediterranean diet has been shown to cut the risk of heart attacks and strokes by 30 percent.
DIY Achiote Oil
Chef Daisy Martinez has a pretty simple recipe here. You just heat up some achiote seeds (also referred to as annatto seeds) in the olive oil, watch carefully until the start to fizzle and then remove, cool and store. Your oil will turn an amazing reddish color and you can use it to make your rice yellow and your empanadas a golden brown.
Here's a fun video from Chef Don Davis walking you through Iberia products.