Add all the ingredients except the ice and grenadine to the pitcher of a blender. Blend until smooth.
Add the ice to the blender and blend until the ice is completely crushed and has a slushy texture.
Pour the Bahama Mama mixture into tulip shaped glasses or hurricane glasses. And drizzle one ounce of the grenadine on the inside of each glass. You want to make sure it shows through the glass for the gorgeous effect.
Garnish your Bahama Mama Slushy with a slice of pineapple, a maraschino cherry and a festive straw.