Heat the grapeseed oil in a large saucepan or soup pot over medium-high heat. Add the popcorn seeds and place the lid on the pan. Shake vigorously to coat the kernels with oil. When the corn starts to pop, shake the pan constantly until the popping stops, 5 to 7 minutes. Remove from the heat and pour the popped corn into a large mixing bowl.
Drizzle the melted coconut oil over the corn, and sprinkle with nutritional yeast, chili powder, cumin, garlic powder and sea salt. Stir thoroughly and serve with a few shakes of hot sauce, if using.