Line a baking sheet with parchment paper. Place crushed candy canes in a shallow bowl.
Melt white chocolate and coconut oil in a microwave-safe bowl in 0.3 minute bursts, stirring between each, until smooth. Alternatively, melt over a double boiler.
Stir in peppermint extract, if using, until evenly combined.
Dip pretzels halfway into the melted white chocolate, letting excess drip off. Place on the prepared sheet.
Immediately sprinkle dipped areas with crushed candy canes. Repeat with remaining pretzels.
Melt dark chocolate and drizzle over pretzels, if desired. Let set at room temperature 0.5 to 1.0 hour or chill 0.25 hour until firm.
Notes
Store in an airtight container at room temperature for up to 5 days. For best texture, avoid humid environments. Use peppermint baking chips in place of candy canes if desired.