Add vanilla candy melts into a medium sized microwavable bowl. Microwave at 50% powder for 30 seconds. Stir. Continue to microwave at 30 second intervals at 50% power until melted.
Pour vanilla candy melts over the popcorn and stir to coat. Add holiday M&Ms and stir.
Spread popcorn mixture on a flat surface lined with parchment paper. Spread sprinkles and candy cane kisses on top.
Melt red and green candy melts in separate bowls using the same method as the vanilla candy melts. Drizzle each color over the popcorn.
Let sit for 30 minutes to 1 hour, until candy melts have hardened.
Break up popcorn into pieces and add to a serving bowl.