Heat oven to 250° F. Cover baking sheet with parchment. Set aside.
Heat first 4 ingredients over medium heat until bubbly around the edges. Cook uncovered for 2 minutes, stirring once.
Remove from the heat and stir in soda, pour over the cereal, peanuts and raisins. Spread out on the prepared baking sheet.
Bake for 20 minutes stirring once half way through. Right when you take it out of the oven, spread the M&Ms over the top.Let stand for 10 minutes, then break into pieces.
Video
[adthrive-in-post-video-player video-id="qDFIctvE" upload-date="2025-12-03T03:02:50+00:00" name="Reindeer Crunch" description="Reindeer Crunch is the kind of sweet snack mix that disappears fast. It’s perfect for holiday parties, gift bags, or just a cozy night on the couch. It’s crunchy, salty-sweet, and packed with nostalgic cereal vibes, all wrapped in a buttery caramel coating." player-type="default" override-embed="default"]