Place all dry ingredients in a large mixing bowl and stir together with a wire whisk. Add the remaining ingredients and beat on medium speed for 2 minutes.
Pour into greased and floured cake pans, filling each pan a little over half full. Lightly tap the pan on counter to bring air bubbles to the top.
Bake in preheated 325 F oven until cake tests done. Cool in the pans for 10 minutes and then flip the cakes out of the pans and cool completely.
FOR WHIPPED WHITE CHOCOLATE GANACHE: Place the white chocolate in the bowl of an electric mixer and set aside. In a small saucepan, bring the cream to a gentil boil over medium heat. Pour the hot cream over the chocolate and let it stand for about 1 minute to melt the chocolate, then whisk the mixture until smooth. Cover with plastic wrap and refrigerate for at least 6 hours, or overnight. Using the whick attachment, beat the ganache at medium-high speed until the whisk begins to leave a trail in it and its is the consistency of softely whipped cream. Store in an airtight container for up to 3 days.
ASSEMBLE THE CAKE: Fill and frost the cake with the whipped ganache. Stick the unwrapped candy canes all around the cake. Sprinkle candy cane bits on top of cake for decoration. Tie a ribbon around the candy canes on the cake.
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