Pop the popcorn using a standard popcorn popper or make a bag of popcorn in the microwave following the manufacturer's instructions.
Place the marshmallow topping and butter in a medium saucepan over medium-high heat and allow to melt. Divide the marshmallow into smaller bowls (as many colors as you'd like) and add desired food coloring.
Pour the heated marshmallow over the warm popcorn and sprinkle with the salt. Using a gloved hand, massage the mixture into the popcorn and form into 8 balls. As the balls are formed, place them on a parchment-lined baking sheet and allow to cool and harden, 5 to 10 minutes.