In a large bowl whip the heavy cream until soft peaks form, about 4 minutes. (It goes quicker if you chill the bowl and beaters!)
Stir in the vanilla, sweetened condensed milk and cotton candy extract. You can also use the mixer on low speed and mix until combined.
Take half of the mixture out and place in a medium size bowl (why mess up two other bowls is my opinion).
In one bowl add 20 drops of red liquid food coloring to the mixture and stir until combined (or add as many drops until it is the color you desire). Gel food coloring needs less. If you use gel put some gel on the end of a toothpick and stir into the mixture. 20 drops got me the pink I wanted.
In the remaining bowl add 25 drops of blue liquid food color and stir to combine. 25 drops of blue got me the blue I wanted. But start with less if you want, you can always add more until you get the color you want.
In the bottom of the lined loaf pandrop dollops of pink alternating with blue and just adding spoonfuls as you layer and fill the pan. You can then take your spoon and make slight swirls in the mixture if you desire.
Tap the pan on the table a few times to help the cream settle evenly.
Place a piece of cling wrap on top of the ice cream batter letting it rest right on top of the cream. Cover the whole pan with foil
Place in the freezer and freeze for at least 2 hours or overnight.