Pour the water and gelatin into a pot and let sit for 10 minutes, until the gelatin has developed.

Set the pot to medium high heat and whisk until the gelatin has dissolved. Add the condensed milk, sugar and peppermint extract and whisk until fully combined.

Divide the mixture into 3 bowls and dye one bowl red, one bowl green and leave the remaining bowl white.

Pour the mixture into a gummy bear mold then transfer to the fridge and allow the gummy bears to set, about 1 hour.

Unmold the gummy bears and enjoy! To store, place the gummy bears in an airtight container and store in the fridge.