In a small saucepan, add milk. Heat over medium heat until milk is warm and gently simmering. You don't want the milk to come to a boil, though.
Remove the saucepan from the heat and add the chocolate chips, peppermint extract, and candy canes. Whisk until melted and combined. Taste and add any additional peppermint extract if needed to suit your preferences.
Top with marshmallows and candy canes for serving.
Calories: 506kcal | Carbohydrates: 77g | Protein: 10g | Fat: 18g | Saturated Fat: 11g | Cholesterol: 31mg | Sodium: 143mg | Potassium: 322mg | Fiber: 1g | Sugar: 47g | Vitamin A: 495IU | Calcium: 328mg | Iron: 0.6mg