01 - Combine whole milk and heavy cream in a medium saucepan over medium heat. Heat until steaming, avoiding a boil.
02 - Whisk in cocoa powder, semisweet chocolate chips, granulated sugar, and salt until fully dissolved, producing a smooth and hot mixture, about 3 to 5 minutes.
03 - Remove from heat and stir in peppermint and vanilla extracts thoroughly.
04 - Pour the hot cocoa into serving mugs. Generously top with mini marshmallows and, if desired, sprinkle with crushed peppermint candies.
05 - Serve immediately to enjoy warm.