In a stand mixer, combine 8 ounces of softened cream cheese and ½ cup of softened butter. Beat until smooth and creamy, about 2 minutes.

Gradually add 1 cup of powdered sugar while blending on low speed. Mix until fully incorporated, about 2-3 minutes.

Add 1 teaspoon of peppermint extract to the mixture and mix well for 30 seconds. Continue adding the remaining 6 ½ cups of powdered sugar, one cup at a time, mixing until smooth and stiff, about 5 minutes.

Divide the dough into three equal sections. Add green food coloring to one section and red to another, kneading until the desired color is achieved.

Wrap each colored dough in plastic wrap and refrigerate for at least 2 hours.

Remove dough from the refrigerator and scoop tablespoon-sized portions, rolling them into balls. Place on parchment paper dusted with powdered sugar, flattening each slightly with a fork.

Allow the shaped mints to sit at room temperature for 4 hours to harden. Flip any that remain soft for additional drying.

Once dried and firm, serve the candies on a platter or package in decorative boxes as gifts.