Line a large baking tray with parchment paper. Set aside.

In a large mixing bowl, beat cream cheese, butter, corn syrup, and peppermint extract on low speed until smooth, about 1 minute.

Gradually add powdered sugar, 1/4 cup at a time, mixing until the dough forms a stiff mass.

Turn dough onto parchment and sprinkle with remaining powdered sugar. Divide into three parts.

Color one-third with red food coloring, another with green, leaving the last uncolored. Knead until colors are evenly distributed, adding more powdered sugar if sticky.

Roll each dough portion into an 18-inch rope, about 1 inch thick.

Slice ropes into 1/2-inch pieces and roll each into a small ball.

Toss each ball in granulated sugar to coat. Place on prepared baking tray.

Using a fork, gently press the balls into disc shapes for a decorative pattern.

Allow candies to sit at room temperature for 24 hours to set before serving.