8-10 quarts plain popped popcorn, divided into two large bowls
Instructions
In a large heavy saucepan, bring cider to a boil over medium high heat. Continue to simmer, stirring occasionally, until thick, syrupy, and reduced down to about ½ to ⅔ cup. This will take about 45-60 minutes.
Once the cider is reduced, add in the brown sugar and butter. Cook over medium heat until butter and sugar is melted and mixture comes to a rolling boil. Add in sweetened condensed milk and spices, stirring until smooth and well combined. Cook mixture over medium heat until it reaches soft ball stage (if you don't have a candy thermometer, drop a small amount of caramel into ice water--it is done when you can form the cooled caramel into a soft ball).
Once caramel is done, pour evenly over prepared popcorn. Mix with a large wooden spoon to evenly coat the popcorn with the caramel. Let cool, then serve.
Recipe by Wright Family Table at https://www.wrightfamilytable.com/apple-cider-caramel-popcorn/