Preheat oven to 350°F (175°C) and lightly butter a 9x13 inch baking dish.
In a small bowl, combine flour, cocoa powder, and salt.
In a large mixing bowl, beat together butter and powdered sugar until smooth. Add red food coloring to achieve desired shade.
Gradually add the dry mixture to the butter mixture until just combined. Press into the bottom of the prepared baking dish.
Bake for 18 to 20 minutes, then set aside to cool completely.
For the cream cheese layer, beat together cream cheese and powdered sugar until smooth. Fold in 1 1/2 cups of Cool Whip and peppermint extract. Spread over the cooled shortbread layer.
In another bowl, whisk together the white chocolate pudding with milk. Add green food coloring until desired shade is reached. Spread over the cream cheese layer.
Spread 1 1/2 cups of Cool Whip on top of the pudding layer, then decorate with mini marshmallows, sprinkles, and M & M candies.
Refrigerate for 3 to 4 hours to set before serving.
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Notes
Store leftovers covered in the refrigerator for up to 5 days.