Boil 1/2 cup honey, 1 tablespoon molasses, 1/2 stick unsalted butter, 1 teaspoon vanilla and 1/2 teaspoon salt in a saucepan. Toss with 10 cups popcorn. Spread on a rimmed baking sheet and bake at 300 degrees until crisp, 10 to 15 minutes, checking often. Cool completely.
Photograph by Corbis