1. Pop the popcorn: In a large pot with a lid, heat coconut oil over medium heat. Add kernels, cover, and shake occasionally until popping slows to several seconds between pops. Remove from heat and place popcorn in a large bowl.

2. Melt the white chocolate: In a small saucepan over low heat, combine white chocolate chips, heavy cream, and butter; stir until melted and smooth.

3. Add color and flavor: Remove from heat and stir in vanilla, red food coloring (start with 1/2 tsp and add to desired vibrancy), and cocoa powder until uniformly deep red.

4. Combine: Pour the red velvet mixture over the popcorn and toss gently to coat evenly.

5. Garnish (optional): Spread coated popcorn on a parchment-lined baking sheet; add themed sprinkles before the coating sets.

6. Cool and serve: Let cool completely so the coating firms up. Break apart any clumps, then serve. Store airtight at room temperature.