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Whip the heavy whipping cream cold from the fridge until soft peaks form and the mixture thickly coats the back of a spoon.
Continue to whip on high speed, adding the food colouring and then the sweetened condensed milk in a steady stream until it's fully incorporated and the mixture almost reaches the hard-peak stage.
Be careful NOT to over-whip, as this will cause the fat and the water in the cream to separate. If this happens, the ice cream will NOT freeze properly and won't have the creamy, smooth texture you desire.
Fold the mint extract and the chocolate chips into the whipped cream mixture just until combined.
Line a large loaf pan with parchment paper (or use a resealable plastic freezer-safe container, if you prefer) and scrape the ice cream mixture into the pan or container.
Cover with plastic wrap (or a lid) and freeze for about 6-8 hours, or until the ice cream has become solid enough to scoop.
Serve in cones, bowls, on top of cakes, pies, or brownies, or however you desire!