Pop the popcorn with an air popper. (Or use plain bagged popcorn for ease - no butter popcorn.)
Lay the popcorn on two cookie sheets and spray lightly with the pink food spray. Turn over and coat the other side. Let dry as you prep the candy melts.
Place the candy melts each in a small microwave-safe bowl. Heat for 25 seconds, stir, and reheat as needed. Add in 1/2 teaspoon or more of coconut oil to make the candy melts more loose and easily drizzled. Stir in cotton candy extract if using.
Drizzle half of the candy melts over the popcorn, add sprinkles, let dry. Reheat the candy melts and toss the popcorn to coat the other side with the second drizzle.
Let dry completely before serving or packaging.