Grease a 9x9-inch baking pan with cooking spray and set aside.
In a stand mixer bowl, combine ⅔ cup of cold water and sprinkle the powdered gelatin on top. Let it bloom for 5-10 minutes.
In a medium saucepan, combine granulated sugar, light corn syrup, and the remaining ⅔ cup of water. Stir over medium-high heat until the sugar dissolves and the mixture reaches 240°F (firm ball stage).
Once at temperature, remove from heat and slowly pour over the bloomed gelatin while the mixer is on low. Add in peppermint extract and salt.
Increase mixer speed to high and whip for 10-12 minutes until stiff peaks form.
Pour the marshmallow mixture into the prepared pan and spread evenly. Add droplets of red food coloring and swirl with a toothpick.
Let set at room temperature for at least 4 hours or refrigerate for 2 hours.
Once set, dust a work surface with powdered sugar or cornstarch, and turn out the marshmallow slab. Cut into pieces and roll in powdered sugar or cornstarch.
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Notes
Store in an airtight container at room temperature for up to a week.