Preheat the oven to 350 degrees. Toast macadamia nuts for 7-8 minutes. Remove from oven and set aside. Toast coconut for 3 minutes or lightly brown and set aside. Pop the popcorn and remove any unpopped kernels.
Line two sheet pans with parchment and spray with pan spray. Place a large baking or roasting pan in the oven. In a large pot combine coconut milk, corn syrup, sugar, salt, butter, and oil. Place the pot over medium heat. Dissolve the sugar and turn the heat to high. Cook the caramel to 300-325 degrees. Caramel should be brown but not burnt. Remove from the heat and whisk in the vanilla.
When the caramel has finished remove the pan from the oven. Place popcorn, mac-nuts, and coconut in the pan. Pour the caramel mixture on top and mix with a silicone spatula or wooden spoon. Continue mixing until all of the kernels are coated. Spread the popcorn over prepared sheet pans, separating any large clumps. Let the caramel corn cool and harden. Store in an airtight container.
To make this recipe vegan, substitute more coconut oil for the butter.