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.