In a large, heavy pot over medium heat, combine the sugar, butter and water. Stirring constantly, cook until it is thick syrup, about 5 minutes. Remove from the heat and add the food coloring and popcorn and stir to coat evenly. Turn onto a sheet of parchment paper to cool. Serve in paper cones.
Recipe from Everyday Is A Party Cookbook by Emeril Lagasse, with Marcelle Bienvenu and Felicia Willett, Published by William Morrow, 1999