Place butter and condensed milk in a saucepan over low heat. Cook, stirring constantly, for 2 minutes or so until butter melts. Add cocoa powder. Cook, stirring constantly, for 10-15 minutes or until the mixture comes off the sides of the pan. It should take a few seconds for the mixture to combine together when you run a spoon through the center of the mixture.

Transfer mixture onto a buttered plate. Refrigerate for at least 30 minutes.

Grease palm with butter. Roll 12 balls out of the mixture. Roll the balls in coconut, cocoa strands, rainbow strands and crushed peppermint or candy canes.