Follow the popcorn package directions to Pop both bags of popcorn.
Once the popcorn has been popped, transfer to a clean bowl and set aside.
To a large saucepan add butter, syrup, and brown sugar and heat over medium heat until the mixture is at a very gentle boil.
Use a candy thermometer to keep an eye on the temperature of the mixture. (A meat thermometer works too.) Temp needs to reach 240F degrees.
Once the mixture is at 240 degrees, add the condensed milk and the vanilla extract and then heat for another minute. It’s important to wait until the temp reaches 240, if it’s too cool the mixture won’t form caramel, and if it is too hot it will burn and become bitter.
Now, take your melted butter and sugar mixture, sprinkle in a generous pinch of sea salt, and stir.
Pour it over your popcorn and gently mix. Allow it to cool slightly.
Spread the popcorn out over a baking sheet.
Then lightly oil or spray your hands or put on some kitchen gloves. Take a handful of the popcorn mixture and shape it into balls, working quickly.
Set aside, and enjoy at your leisure.
Notes
We used 2 bags of microwave popcorn because we wanted our caramel coating to be extra thick. If you prefer, you can use 3 bags.