Melt 1 cup white candy melts with 1 tablespoon coconut oil. Dip the top 1 1/2 to 2 inches of 6 sugar cones in the candy; let the excess candy drip off, then place the cones dipped-side down on a parchment-lined baking sheet. Refrigerate until set, about 15 minutes.
Melt 1/2 cup red candy melts with 1 1/2 teaspoons coconut oil. Using a spoon, drizzle the red candy melts over the dipped portion of the cones. Set the cones upright (use a cooling rack or short glasses to hold them) and refrigerate again until set, about 15 minutes.
Melt 2/3 cup blue candy melts with 2 teaspoons coconut oil. Dip one side of each cone in the blue candy and sprinkle with pearl sugar or white sprinkles. Stand upright again and refrigerate until set, about 15 minutes, or until ready to serve.
To melt the candy melts, put them in a microwave-safe bowl. Microwave at 50-percent power in 30-second intervals, stirring, until smooth. (For a thinner mixture, melt with a little coconut oil.)