01 - Line a large baking sheet with parchment paper and lightly dust with powdered sugar to prevent sticking.
02 - In a medium heavy-bottomed saucepan, stir together granulated sugar, light corn syrup, and water over medium heat until the sugar dissolves.
03 - Insert a candy thermometer and increase heat. Boil without stirring until the mixture reaches 280°F (138°C).
04 - Remove saucepan from heat immediately. Carefully stir in peppermint extract; expect bubbling during this step.
05 - Pour half of the hot syrup onto one side of the prepared baking sheet. Quickly mix red gel food coloring into this portion, leaving the other half plain.
06 - Allow both portions to cool until just cool enough to handle, approximately 3 to 4 minutes. Dust hands with powdered sugar and wear food-safe gloves.
07 - Stretch and pull each syrup portion separately until opaque and glossy, about 3 to 5 minutes for each.
08 - Roll each portion into long ropes approximately 1/2 inch thick. Gently twist one red and one white rope together.
09 - Cut the twisted ropes into 6-inch long sticks.
10 - Place sticks on a new parchment-lined tray and allow to set and harden completely, about 1 hour.
11 - Store peppermint sticks in an airtight container at room temperature.