Start with the sauce first. In a small saucepan, melt the coconut oil and honey on a low heat until thoroughly melted. It will look nearly transparent and slightly separated. Whisk together. Remove from heat. Add salt and vanilla. Whisk again. Then set aside.
Pop up a bunch of plain popcorn, about 4 quarts. Sift the popped popcorn with your fingers, from one large bowl to another in order to lose most of the unpopped kernels.
The sauce is ready when it has cooled a bit. It will be thicker and have more of a milky honey appearance. Drizzle the sauce over the prepared popcorn.
Then fold the sauce into the popcorn until the popcorn is well coated; this will take a few minutes, then it is ready to enjoy!