Heat the red candy melts in a glass bowl for 30 seconds. Stir and repeat microwaving for another 30 seconds. Stir. Repeat until the candy melts are completely melted.
Place the melted red candy melt in a tall skinny glass that will the sugar cones will fit in.
Dip each cone into the red and leave about ½ to 1 inch at the opening of the sugar cone bare. Tap off any excess candy melt. I ended up having to use my offset spatula and running it down the cone to get the excess candy melt off.
Place on a piece of wax paper and let dry. Repeat with other 5 cones.
Once the red candy melt is dry. begin melting the white candy melt the same way you did the red.
Dip the very bottom of one cone in the melted white chocolate. Press it on the wax paper as many times as you can before the candy melt doesn't show up. Dip again and do it until you have 6 circles on the wax paper.
Dip the mini marshmallows in the white candy melt using a toothpick. Tap off any excess and roll in the white sanding sugar. Set aside to dry.
Place the white candy melt in a sandwich bag. Cut a small hole in the corner of the bag. Fill in each circle you created with the sugar cone. If you need to spread out the candy melt, use a toothpick. Let it dry.
Pipe the white on the bottoms of the Santa hats one at a time. Roll in the white sanding sugar and place back onto the wax paper to dry. Repeat with all Santa hats.
Add a little dot of white candy melt to the dried marshmallows and place on top of each hat and let dry.
After everything is dried, add the M&M's in the cone. Pipe around the rim of the sugar cone and place one of the dried white circles you piped earlier. Using your finger for support, carefully place it back down on the wax paper to dry.
Once dry, place out for display!
Notes
If you can't find white sanding sugar, you can also use shredded coconut!