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Preheat the oven to 350 degrees F. Line 2 sheet pans with parchment paper.
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In a large bowl, melt 10 tablespoons of the butter in the microwave. Cut the remaining 4 tablespoons butter in to 6-8 pieces, add to the melted butter and stir (this helps to cool down the melted butter so it won't be too hot later when the eggs are added). Set aside.
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In a medium bowl, whisk together the flour, cocoa, baking soda and baking powder.
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Add the brown sugar, vanilla, red food coloring and salt to the melted butter. Stir well to combine. Add the egg and egg yolk and stir until smooth.
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Add flour mixture and stir with a wooden (or sturdy) spoon just until combined and flour is incorporated. Add chocolate chips and mix just until incorporated.
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Put red sanding sugar in a shallow bowl. Roll the dough into balls, about 1 ½ tablespoons for each cookie. Roll the balls in the sanding sugar until well coated and place on prepared baking sheets.
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Bake the cookies, one sheet at a time, until they have puffed and have cracks running through the top, about 12-14 minutes. Be careful not to over bake the cookies or they will be dry. As soon as the cookies emerge from the oven place a Hershey's hug in the center of each cookie. Transfer the cookies to a wire rack to cool completely.