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Preheat your oven to 250°F (120°C). Line a large baking sheet with parchment paper or lightly grease it.
Prepare Popcorn:
Place the popped popcorn in a large roasting pan or baking sheet, ensuring there are no unpopped kernels.
Make Caramel Sauce:
In a medium saucepan, melt butter over medium heat. Stir in brown sugar, corn syrup, and salt. Bring to a boil while stirring constantly. Allow to boil without stirring for 4–5 minutes.
Add Vanilla and Baking Soda:
Remove from heat. Stir in vanilla extract and baking soda. The mixture will bubble up.
Coat Popcorn:
Immediately pour the caramel sauce over the popcorn. Stir gently to coat all popcorn evenly.
Bake:
Bake in the preheated oven for 45 minutes, stirring every 15 minutes to ensure even coating.
Cool:
Remove from oven and spread the caramel corn on parchment paper to cool completely. Break into clusters once cooled.
Serving and Storage Tips:
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