Begin by preheating your oven to 350 degrees F. Spray a tree-shaped cake pan with baking spray.
In a large bowl, whisk together the flour, baking powder, baking soda, salt, and spices. Set aside.
With a mixer, cream together the butter and sugar until fluffy. Then, add the eggs one at a time, beating well after each addition. Scrape the bottom and sides of the bowl as needed. Mix in the molasses.
Add the flour mixture in three additions, alternating with the water and starting and ending with the flour. Mix until just smooth.
Divide the batter evenly between the two sides of the tree mold.
Bake the cake 50-55 minutes or until a toothpick inserted near the center comes out clean. Check on the cake about 15 minutes into baking. If necessary, use a spatula or spoon to move some of the batter from the center of the cake to fill in the top section of the pan.
Remove the cake from the oven. Cool in the pan for about 10 minutes; then turn out onto a baking rack to finish cooling.
Spread a small layer of the prepared cream cheese frosting on the back of each cake to join them together to form a tree. Add a couple tablespoons of frosting to a serving dish or cake stand and set the tree in place on the frosting. Chill for 15 minutes. Use an offset spatula to roughly apply more cream cheese frosting to the cake. Tap the frosting with the back of the spatula to create texture and "peaks" in the frosting.
To finish, decorate with candy-coated chocolates. Then chill until the frosting is firm. Before serving, use a fine mesh sieve to sprinkle the cake with confectioners' sugar.