Place the popcorn and peanuts in an extra-large bowl or on 2 silicone-lined baking sheets and set aside.
Combine the sugar, butter, cream and honey in a large soup pot or Dutch oven. Bring to a boil over medium-high heat. Reduce the heat slightly, clip on a candy thermometer, and keep at a low boil until it reaches the softball stage, about 234 degrees F. Remove the pot from the heat and add the baking soda while stirring.
Pour the sugar mixture over the popcorn and mix well.
Store in an airtight container for up to 2 days.