1. Microwave popcorn with peanuts in a large microwave-safe bowl at HIGH 2 minutes, stirring at 30-second intervals. Stir in pepper. Spread mixture in an even layer in a lightly greased jelly-roll pan. Let cool 10 minutes; break into pieces. Store in an airtight container up to 1 week.
Note: For testing purposes only, we used Crunch 'n Munch Buttery Toffee Popcorn With Peanuts.