Preheat oven to 150 degrees. Line a baking sheet.

In a heavy saucepan, add the butter, sugar, honey, salt and vanilla essence and combine. Allow the mixture to come to a boil, stirring occassionally.

Once boiled, keep the flame on simmer and cook the mixture for a further five minutes.

Switch off and add the soda. The caramel will start to bubble and sizzle. Allow it to settle.

Pour this caramel into the popcorn and toss till well covered.

Spread on the sheet evenly and bake for 20 minutes, stirring every five minutes to ensure proper baking.

Allow to cool and store in an airtight container.