Spray a rimmed baking sheet with cooking spray, and set aside.
Over medium heat, add sugar, corn syrup, and water. Stir until the sugar is dissolved and the mixture turns a pale yellow.
Remove from heat, add peppermint extract and food coloring. Stir until fully mixed.
Pour the mixture onto the baking sheet. Using a lightly oiled spatula or spoon, spread the mixture evenly over the pan. Let cool for 5-10 minutes before cutting into strips.
Once the mixture has cooled, cut into thin strips using a lightly oiled knife or metal spatula. Make sure to not make the strips too thick or too thin.
Let the candy sit for at least an hour before serving.