Heat large heavy pan along with coconut or canola oil over medium-high heat. When hot, add popcorn, cover and shake until it stops popping. Dump into a large bowl and add cashews. Set aside.
Spray or butter two rimmed baking sheets. Spray a pair of rubber spatulas and set those aside as well. You want everything ready so you can work quickly once the caramel is ready.
Heat butter, water and sugar in heavy pan over medium-high heat until boiling, stirring frequently. Boil approximately 5 minutes, untouched. Remove from heat and add extract, salt, spices and baking soda, and stir vigorously. It will puff up into a froth. Pour over popcorn and cashews in bowl and toss quickly with prepared spatulas to thoroughly coat. Spread on prepared sheet pans. Let cool then break into chunks. Store in airtight container.