Line two large baking sheets with waxed paper. Spread popcorn over waxed paper.
Place the white chocolate and 1 tablespoon coconut oil or vegetable shortening into a microwave-safe bowl. Microwave the chocolate on high for 1 minute. Stir vigorously to allow the chocolate to continue melting with the residual heat. Return the chocolate to the microwave and heat in 15-second intervals, stirring well between each, until the chocolate mixture is smooth.
Pour the chocolate over the popcorn and toss to coat. Spread popcorn back into an even layer. Allow the chocolate to set completely. Break large sections of the popcorn apart.
Place the bright pink candy melts into a microwave-safe dish with 1 teaspoon coconut oil or vegetable shortening into a microwave-safe bowl. Microwave the candy melts on high for 1 minute. Stir vigorously to allow the candy melts to continue melting with the residual heat. Return the candy melts to the microwave and heat in 15-second intervals, stirring well between each, until the candy melts mixture is smooth.
Transfer the melted candy into a zip top freezer bag. Set aside.
Repeat the melting process (step 4) with the red candy melts. Transfer to another zip top freezer bag.
One at a time, snip a corner from the freezer bags and drizzle melted candy coating over the popcorn. Add the sprinkles over the wet candy coating.
Allow candy coating to set completely before breaking into pieces. To speed the process, place the popcorn in a refrigerator or freezer just until set. Store in an airtight container.