1. Heat canola oil in a medium heavy saucepan over medium-high heat. While saucepan heats, line a jelly-roll pan with parchment paper; set prepared pan aside. Add popcorn to oil in saucepan; cover and cook 2 minutes or until kernels begin to pop, shaking pan frequently. Continue cooking 2 minutes, shaking pan constantly. When popping slows down, remove pan from heat. Let stand 1 minute or until all popping stops. Stir in cashews.
2. Combine sugar and remaining ingredients in a small saucepan; bring to a boil. Cook 1 minute, stirring constantly. Remove from heat; cool 1 minute.
3. Pour hot syrup mixture over popcorn mixture; toss well to coat. Immediately spread popcorn mixture out onto prepared jelly-roll pan. Cool 3 minutes.