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Lightly grease two large baking sheets with butter; set aside. Toss together popcorn, pretzels and peanuts in a very large bowl; set aside. Put molasses, sugar, butter and salt into a small pot and bring to a rolling boil over medium-high heat, stirring often. Boil, stirring constantly, for 3 minutes, and then remove pot from the heat and carefully stir in vanilla.
Working quickly, pour molasses mixture over popcorn mixture and toss with two large spoons to coat. Divide between prepared baking sheets, set aside for 10 minutes to cool and then serve immediately or keep in an airtight container at room temperature for 1 to 2 days.