Add in the cold butter and pulse until coarse crumbs remain. Once the butter is in small pieces, add in the molasses, milk and extract, blending until the dough comes together and forms a ball in the processor. Wrap the dough in plastic wrap and refrigerate it for an hour.
Remove the dough and roll it out on a floured surface until it's about 1/4 inch thick in diameter. Use a biscuit cutter (round or square) to make cuts (or a knife to cut into squares) and place the dough on a nonstick baking sheet. Poke a few holes in the dough with a fork.