Line a baking sheet with wax paper. Melt the butter and marshmallows in a large pot over low heat, stirring until smooth, about 3 minutes. Remove from heat and stir in the vanilla and food coloring.

Fold in the cornflakes until every flake is coated, about 2 minutes.

Drop heaping tablespoonfuls onto the sheet. Shape into small wreaths with buttered fingers and press 3 red candies onto each before they set. Let cool completely, about 20 minutes, or chill for 10 minutes to set faster.