Mise en place. Divide cereal between two large bowls, 5 cups in each bowl.
Crush candy canes to a fine powder. Place 1 C. of powdered sugar and half of candy cane powder in one Ziploc bag. Place other cup of powdered sugar and other half of candy cane powder in a second Ziploc bag. Set aside.
Heat red candy melts and 2 Tbsp. paramount crystals for one minute on 50% power in microwave. Stir. Continue heating at 30 second intervals (at 50% power), stirring after each cycle, until chocolate melted.
Stir in 1/2 tsp. peppermint extract. Pour over 5 cups of cereal. Stir until well-coated.
Add coated cereal to one of the prepared Ziploc bag. Toss and mix until all the cereal is coated. Spread out on baking sheet to dry.
Heat white candy melts and 2 Tbsp. paramount crystals for one minute on 50% power in microwave. Stir. Continue heating at 30 second intervals (at 50% power), stirring after each cycle, until chocolate melted.
Stir in 1/2 tsp. peppermint extract. Pour over 5 cups of cereal. Stir until well-coated.
Add coated cereal to the other prepared Ziploc bag. Toss and mix until all the cereal is coated. Spread out on baking sheet to dry.