Lightly oil a large baking sheet.
In a large pot melt the butter over low heat.
Whisk in the food coloring until evenly blended.
Add the marshmallows and stir continuously until smooth and evenly orange.
Add the popcorn and stir gently but thoroughly until all coated. Remove from heat.
Moisten hands with water and begin to shape popcorn into 16 2 and ½ inch balls.