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Place popped popcorn into a large brown paper (grocery) bag and set aside.
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In a heat-proof glass dish, combine the brown sugar, margarine, corn syrup, salt, and vanilla. Heat for 3 minutes in the microwave, take out and stir until well blended. Return to the microwave, and cook for 1 1/2 minutes. Remove from microwave, and stir in the baking soda.
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Pour mixture over the popcorn in the bag. Roll down the top once or twice to close the bag, and shake to coat the corn.
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Place bag into the microwave, and cook for 1 minute and 10 seconds. Remove, shake, flip the bag over, and return it to the microwave. Cook for another 1 minute and 10 seconds.
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Pour the popcorn out onto waxed paper, and let cool until coating is set.
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Melt semisweet chocolate in the microwave in 30-second increments stirring in between. Once melted, drizzle over caramel corn. Repeat with white chocolate.
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Allow drying for 30 mins.
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Store in an airtight container.