In a small saucepan, make a simple syrup by combining granulated sugar and water over medium heat. Stir and heat until sugar dissolves into water and mixture is clear. Simmer for one minute, then remove from heat.
Add lemon juice, mint leaves, Serrano pepper slices and bourbon to simple syrup, then let mixture cool.
Pour mixture through a fine strainer into a pitcher to remove solid pepper slices and mint leaves.
Rim cocktail glasses with fine sugar. To rim glasses place fine sugar on a small plate. Rub the edge of each cocktail glass with a lemon wedge. Roll the edge of the glass in the fine sugar.
For each lemonade cocktail, mix 1/2 cup lemonade mixture to 1/2 cup ginger ale and stir to combine. Add 2 or more large ice cubes and 2 mandarin orange segments.
Garnish with Maker's Mark Bourbon Cherries and a sprig of mint.
