Prepare a 13 × 9-inch rimmed baking pan. Lightly grease the pan, line it with parchment paper, then lightly grease the parchment with cooking spray.
Combine the granulated sugar, water and light corn syrup in a medium-sized, heavy-bottomed saucepan. Bring to a boil over medium heat, stirring occasionally until the mixture boils.
Cover the saucepan and boil for 3 minutes. Remove the lid, insert a candy thermometer and continue cooking without stirring until the syrup reaches 300°F (hard-crack stage). Make sure the thermometer doesn't touch the bottom of the saucepan.
Remove the saucepan from the heat and carefully take out the thermometer. Once the bubbling has settled, add the cinnamon oil and red food coloring. Stir carefully with a wooden spoon or heat-resistant spatula until combined. Keep your face away from the rising steam.
Carefully pour the hot syrup into the prepared pan and spread it toward the edges with a heat-resistant spatula. Let the candy cool and harden at room temperature for approximately 4 hours.
NOTE: the saucepan will be very hot. It is best to put the pan back on the stove burner to cool off.
Once the candy has hardened, sift powdered sugar over the top. Cover with parchment or wax paper, carefully flip the candy sheet over and peel away the parchment from the bottom. Sprinkle the other side with powdered sugar.
Use a heavy spoon or a small mallet to break the candy into bite-sized pieces. Store in an airtight container at room temperature in a cool, dry place.