Combine extract and cream in a microwave-safe cup and microwave for 1 minute.
Add the chips to the hot mixture. Whisk until smooth and well-blended. Refrigerate until firm, at least 4 hours.
Line a baking sheet with parchment or wax paper. Using a teaspoon, drop small, rounded spoonfuls of the mixture onto the sheet.
Place the baking sheet in the freezer for approximately 45 minutes, or until the rounds are firm. Remove and quickly roll each spoonful into a ball.
Place the cocoa powder into a small dish. Gently roll each ball into the powder until coated.
Chill in the freezer until firm.
Repeat the coating process with crushed candy canes.
Store truffles in an airtight container in the refrigerator and let stand at room temperature for at least 10 minutes before serving. Place the truffles on printed doilies or in small paper cups and serve.