Line a baking sheet with parchment paper (makes clean up easier), or grease the baking sheet.
Melt the butter in a large pot over low heat.
Add marshmallows to the pot and heat until melted, stirring often.
Add the food coloring and stir until color is evenly distributed.
Add the rice krispie cereal and stir until well combined.
Pour mixture onto the baking sheet and press flat with spoon or spatula, then refrigerate for about 1 hour to set.
Remove the parchment paper with treats from the baking sheet, and set on a counter top or cutting board, and use the cookie cutter to cut as many hearts as you can.
Line the baking sheet with another sheet of parchment paper.
Add cany melts to a small microwave safe bowl, and heat on high for 30 second intervals in the microwave, stirring between each heating session, until fully melted.
Dip one side of each heart shaped rice krispie treat into the melted candy, set on the parchment paper lined baking sheet, and add sprinkles.
Transfer baking sheet to the refrigerator to chill for about 30 minutes, until the melted candy sets.