Remove the plastic lid from the graham cracker crust. Keep it in the foil tray and place it on a large plate. Set aside.
Heat a dry skillet over medium-high heat. Toast the shredded coconut for 3-4 minutes, stirring constantly, until golden and fragrant. Transfer to a plate to cool.
In a large bowl, whisk together the coconut cream pudding mix, cold milk, and coconut extract for about 2 minutes, until the mixture thickens but is still soft.
Gently fold in half (4 ounces) of the thawed Cool Whip until fully blended and smooth.
Spoon the coconut filling into the graham cracker crust and smooth it into an even layer.
Spread the remaining Cool Whip over the filling, smoothing it evenly to the edges.
Sprinkle the cooled, toasted coconut over the whipped topping and press lightly to adhere.
Refrigerate for at least 6 hours, or overnight for the best results. This will help the pie set and make it easier to slice.