Begin by popping your popcorn according to package directions. Use an air popper or stovetop method to create approximately 10 cups of salted white popcorn.

Line a large baking sheet with parchment paper to prevent sticking.

Divide your colored candy melts into three separate microwave-safe bowls—one for each color. Add 1 teaspoon of coconut oil to each bowl.

Microwave the purple candy melts for 30 seconds on high, stir gently. Repeat for green and red.

Pour the melted purple candy melts over the popped popcorn and mix until evenly coated.

Transfer the purple popcorn to the lined baking sheet and scatter yellow and orange sprinkles while still wet.

Allow the purple popcorn to set for about 5 minutes, then repeat the coating process for green and red melts.

Let all the popcorn dry completely on the baking sheet for about 10 minutes before breaking apart and serving.