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EQUIPMENT: 2 rimmed baking sheets lined with parchment paper and lightly coated with nonstick spray; a candy thermometer
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Place the popcorn in a large bowl and toss with the peanuts.
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Set aside.
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Stir the brown sugar, granulated sugar, honey, and butter together in a small saucepan.
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Cover the pan and bring to a boil over medium heat.
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The steam generated by covering the pan will wash down any sugar crystals that form on the sides, enabling the creation of a smooth caramel.
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Carefully remove the lid and insert a candy thermometer into the syrup.
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Boil until the temperature reads 260F, 15 to 20 minutes.
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Keep an eye on the syrup to make sure it doesnt scorch or boil up too high.
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Remove the pan from the heat, stand back, and stir in the vanilla and baking soda (the syrup will foam up when you add these ingredients).
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Immediately pour the hot caramel syrup over the popcorn and peanuts.
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Stir quickly but gently with a lightly greased spatula until the popcorn and nuts are coated evenly.
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Spread on the prepared pans and use a fork to separate the popcorn as much as possible while it is still warm.
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Set aside to cool.
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The popcorn softens as it absorbs the caramel and needs to dry thoroughly to recrisp.
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Use immediately; storage will cause the caramel to become tacky.