In a saucepan over medium heat, combine sugar, corn syrup, butter, water and salt. Stir constantly until mixture comes to a boil. Continue cooking without stirring for another 10 minutes, or until the syrup reaches the hard-crack stage—300ºF on a candy thermometer. Immediately remove from heat, add vanilla extract and food coloring and mix well.

In a large greased pot, combine popped popcorn with syrup, stirring constantly with a spatula or wooden spoon until completely coated. Stir in M&M’S® Brand Milk Chocolate and/or Peanut Chocolate Candies and marshmallows. Once mixture is cool enough to handle, coat hands with butter and form 3-inch balls. Place on tray lined with either wax or parchment paper until ready to serve, or, wrap in cellophane.