1. Combine the sugar, corn syrup, and water in a heavy-bottomed saucepan and bring to a boil, stirring occasionally, until the sugar has dissolved, the temperature should reach 149°C or 300°F.

2. Cook on high heat, without stirring, to 149°C or 300°F, which is the hard-ball stage, use a thermometer to ensure the correct temperature.

3. Remove the saucepan from the heat and stir in the food coloring and peppermint extract.

4. Pour the mixture quickly into a greased 23x33 centimeter or 9x13 inch baking dish or onto a parchment-lined surface.

5. Press candy canes into the mixture, dividing them among the marshmallows, and decorate immediately before the mixture sets.

6. If it sets too quickly, you can warm it up slightly in the microwave to make it more pliable for decorating.