Prepare a baking sheet with waxed paper.

In a microwave safe bowl, place the white candy melts. Heat in the microwave for 30 seconds and stir. Continuing heating in 30-second increments, stirring well after each. If the candy melts overheat or is not smooth enough to pour, add 1 to 2 teaspoons of coconut oil or vegetable shortening and stir well.

Holding the cone, spoon the white around the rim of the ice cream cone. Tap gently to allow the excess to drip back into the bowl. Allow to dry completely.

In a microwave safe bowl, place the green candy melts. Heat in the microwave for 30 seconds and stir. Continuing heating in 30-second increments, stirring well after each. If the candy melts overheat or is not smooth enough to pour, add 1 to 2 teaspoons of coconut oil or vegetable shortening and stir well.

With your hand inside the ice cream cone, spoon the green over the cone but not overlapping the white candy. Tap gently to aow the excess to drip back into the bowl.

While the green candy melts are still wet, top the cone with a marshmallow.

Place on the prepared baking sheet to dry. When ready, place one elf hat on each cupcake.