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Preheat oven to 275 degrees and line 2 rimmed baking sheets with parchment paper.
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Combine popped corn and cashews and set aside.
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In a large stockpot combine the butter, brown sugar, corn syrup and vanilla, heat over medium-high heat, stirring occasionally until butter is melted and mixture is well combined
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Cover and allow to cook without stirring until it become a light caramel color, 4 to 5 minutes.
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Remove pot from heat, add baking soda.
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Stir in the popped corn and the cashew mixture until well and evenly coated.
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Transfer caramel corn to the two prepared cooking sheets, spreading out into a single layer on each.
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Bake for 1 hour. Remove from oven and using a wooden spoon gently break up any clumps, and stir to coat fully with the caramel sauce.
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Allow to cool completely.