Pop the popcorn using the canola oil in a large pot over medium heat. Pour the popcorn into a large roaster.

Preheat the oven to 250F. In a small saucepan stir together the sugar, corn syrup, molasses, butter and water. Cook over medium high heat, stirring frequently until a thermometer reads 250F, about 5 min. Remove the pan from the heat and carefully whisk in the vanilla and baking soda. Quickly pour the hot mixture over the popcorn in the roaster. Carefully stir to coat as much as possible, add the peauts in half way.

Bake 1 hour and 15 min. stirring every 15 min. to coat even more evenly. Remove from oven and pour mixture onto a large rimmed cookie sheet. Let cool. Break into pieces and store in an airtight container.