Line an 8x8-inch or 9x9-inch baking pan with parchment paper, leaving an overhang for easy removal.
In a medium pot, combine peanut butter, honey, and coconut oil. Heat over medium, stirring until melted and smooth. Bring to a simmer and cook for 1 minute, stirring constantly. Remove from heat and cool for 3 minutes. Stir in salt and vanilla.
Coarsely chop cashews. Add them to the pot along with oats and shredded coconut. Stir until fully mixed. Let cool slightly for 15–25 minutes until just warm to the touch. Stir in 1/4 cup each of chocolate chips and M&M’s.
Transfer mixture to the prepared pan. Press evenly and very firmly into the pan using the base of a measuring cup. Sprinkle the remaining 2 tablespoons of chocolate chips and M&M’s on top and press in gently. Cover and refrigerate for 1 hour.
Use the parchment overhang to lift the bars from the pan. Cut into 12 even bars.
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Notes
Note 1: If using salted cashews or salted peanut butter, reduce the added salt. Add it gradually to taste.Tips:
Press Firmly: Pack the granola mixture tightly into the pan. The firmer you press, the better the bars will stick together.
Use a Sharp Knife: Warm the knife under hot water, dry it, and cut for clean, easy slices.
Troubleshooting: Too Wet: Let the mixture sit so the oats can absorb the liquid. If needed, add more oats, 2 tablespoons at a time. Too Dry: Add 1 tablespoon each of peanut butter and honey at a time until the mixture holds together.
Storage: Wrap each bar in plastic wrap and store in a container or bag in the fridge for up to 1 week. For longer storage, freeze the bars individually, then transfer to an airtight container for up to 6 months. To thaw, leave at room temperature for 30 minutes or microwave for 10–15 seconds.