Place popped popcorn in 1-2 large mixing bowls and set aside.
Heat a large nonstick pot over medium heat and add the butter. Once melted, add the sugar, brown sugar, karo syrup, and sweetened condensed milk. Bring to a boil while stirring.
Continue to cook, stirring constantly, until the mixture reaches 235-240 degrees F on a candy thermometer. Once it reaches the correct temperature, remove from heat and add the coconut extract and salt.
Pour ¾ of the hot caramel onto your popcorn and carefully stir until completely coated. Spread the popcorn onto cookie sheets that have been lightly sprayed with nonstick cooking spray.
With the remaining ¼ of caramel, add the mini marshmallows. Stir until the marshmallows are melted, returning to low heat if necessary. Once melted, drizzle the marshmallow caramel mixture over the caramel popcorn on the cookie sheets.
In a microwave safe bowl, add the coconut oil and chocolate chips. Microwave for 1 minute, then stir. Microwave for 30 seconds, then stir. Continue to heat for 30 seconds at a time, stirring in between, until the chocolate chips are melted.
Once melted, drizzle the chocolate over the Coconut Popcorn and sprinkle the toasted coconut evenly over the top. Allow the popcorn to cool for about an hour before serving. Enjoy!