Line a large rimmed baking sheet with parchment paper or a silicone baking mat.

Place the popped popcorn in a large mixing bowl and remove any unpopped kernels.

Melt the white chocolate wafers in a microwave-safe bowl in 30-second intervals, stirring until smooth.

Stir the cocoa powder, red gel food coloring, and vanilla extract into the melted chocolate until the color is uniform.

Pour the red chocolate mixture over the popcorn and toss gently with a spatula until evenly coated.

Spread the popcorn in an even layer onto the prepared baking sheet.

Melt the remaining white chocolate chips and drizzle over the popcorn using a spoon or piping bag.

Garnish with sprinkles while the chocolate is still wet.

Allow to set at room temperature for 20 minutes until the coating is firm before serving.