In advance: Make Hat.
Tint fondant: 3 oz. green, 3 oz. yellow. Roll out 1/8 in. thick as needed. Cut a 5 x 4. in. strip of yellow fondant. Brush cone with Piping Gel and wrap fondant around cone. Smooth and trim away excess.
For fringe, cut 22 strips, 2 x 3/4 in. wide. Cut slits 1/8 in. wide, 1/2 in. deep, across outer edge. Roll and separate to make a tuft of fringe. Attach to bottom of hat using damp brush. Repeat.
For pompom, cut 4 additional strips and repeat as above. Let hat dry on waxed paper-covered board.