Prepare two silicone baking mats and lightly oil a pair of kitchen scissors.
2
Keep a third mat in an oven set to its lowest temperature so the candy stays workable.
3
Combine the sugar, corn syrup, and water in a heavy saucepan.
4
Stir over medium heat until the sugar dissolves, then stop stirring and cook with a candy thermometer until the syrup reaches 300°F (hard-crack stage).
5
Remove from the heat and carefully stir in the peppermint extract.
6
Pour about one-third of the hot candy onto a mat; tint the remainder red with food coloring and pour it onto the other mat.
7
Let both portions cool just until they can be handled safely but are still pliable.
8
Wearing lightly oiled heat-resistant gloves, pull and fold the untinted candy until it turns opaque and glossy.
9
Keep the red portion warm on the prepared mat.
10
Roll each portion into a long, thin rope.
11
Twist a red rope and a white rope together, cut into lengths with the oiled scissors, and bend one end of each piece into a cane shape.
12
Let the candy canes cool completely until hard.
13
Hot sugar can cause severe burns; handle it with care.