Pour your Chex Mix cereal into a large mixing bowl, set aside.
Place your chocolate chips and peanut butter in a small bowl and melt in the microwave at 30 second increments. You can add a touch of canola oil if needed to help smooth the mixture.
Add vanilla extract to melted chocolate sauce
Pour chocolate sauce over cereal and mix until all cereal is covered.
Place cereal in a large gallon size bag with powdered sugar and shake until all the cereal is covered.
Place on a silpat or parchment covered baking sheet and allow to cool
Place a single layer of pretzels on a baking sheet.
Melt white chocolate according to package. Drizzle over pretzels and sprinkle with crushed candy canes. Toss together with festive M&M's