Candy cane marshmallows for hot cocoa. Stick a vegan candy cane into large vegan marshmallow. Dip marshmallow in melted chocolate. Roll into crushed vegan candy cane. Place on a waxed paper lined baking sheet and allow to set.
Wrapping paper is pretty pricey, especially for something that's just going to get ripped up and thrown away. This is a better idea: buy a big roll of butcher paper on the cheap and have the kids help craft some homemade holiday lights gift wrap.