Line two large baking sheets with parchment paper and set aside.

Melt marshmallows and butter in a large microwave-safe bowl in the microwave.

Mix the marshmallows and melted butter together using a spatula until the butter is combined. Add 3 to 5 drops of green food coloring. Mix again.

Add the cornflakes to the melted marshmallow mixture.

Dip your hands in a bowl of ice-cold water and put ⅓ cup blobs of the cornflakes mixture onto the baking sheet.

Use your finger to make a hole in the center of the blob and use your hands to form a wreath shape. Add two red hot candies to the top of the cornflake wreath. Repeat with the remaining cornflake mixture.

Let the cornflake Christmas wreaths sit at room temperature for an hour before serving so the marshmallow can firm up.