Preheat oven to 250°. Place popcorn and pecans in a large bowl.
In a large heavy saucepan, combine sugars, corn syrup, pepper sauce and honey; bring to a boil, stirring constantly to dissolve sugar. Using a pastry brush dipped in water, wash down the sides of the pan to eliminate sugar crystals. Cook, without stirring, over medium heat until a candy thermometer reads 290° (soft-crack stage), about 10 minutes. Remove from heat; gradually stir in butter and cinnamon. Pour carefully over popcorn mixture; toss to coat.
Transfer to a greased 15x10x1-in. baking pan. Bake 45 minutes, stirring occasionally. Cool completely.
Break into pieces. Store in an airtight container.
We recommend that you test your candy thermometer before each use by bringing water to a boil; the thermometer should read 212°. Adjust your recipe temperature up or down based on your test.