Spread a large sheet of plastic wrap onto a work surface and spray within cooking spray.
Spray a large mixing bowl lightly with cooking spray and place popcorn inside, remove any unpopped kernels.
In a medium saucepan, melt butter over low heat. Stir in marshmallows until marshmallows are melted and mixture is smooth. Pour over popcorn, adding red hot candies, and mix well until coated.
Spray hands with cooking spray and form mixture into 24 balls. Gently press red and blue stars onto balls. Place a piece of licorice string on top of each ball.