Bake the cake:
Place the flour, sugar, cocoa powder, baking powder, baking soda and salt in a large bowl and mix together.
Add the coconut milk, regular milk, coconut oil, eggs, coconut extract and vanilla extract and mix with an electric mixer until combined.
Slowly add the coconut water and mix until well combined.
Grease and flour four 6-inch round baking pans.
Divide the batter evenly between the pans and bake at 350F for 30-35 minutes, until a skewer inserted into the center comes out clean. Cool for 15 minutes in the pan, then turn onto a wire rack and cool completely.
Make the buttercream:
Beat the butter with an electric mixer until pale and fluffy. Add the coconut extract, vanilla extract and confectioner’s sugar one cup at a time, beating with each addition.
Make the chocolate “coconut”
Line a 9”x9” square dish with plastic wrap. Pour the brown candy melts into the dish and smooth the surface. Place the dish in the freezer for 10 minutes, or until it has hardened.
Pour the white candy melts on top and smooth the surface. Cover the surface with the white sprinkles, then return the dish to the freezer while you assemble the cake.