Heat oven to 250°F.
In un-greased large roasting pan, melt butter in oven.
Stir in tequila, seasoned salt, red pepper and dry margarita mix.
Stir in cereals, nuts and pretzels until evenly coated.
Bake 1 hour, stirring every 15 minutes.
Stir in cranberries.
Spread on paper towels to cool, about 15 minutes.
Store in airtight container.