Melt the coconut oil over medium-high heat in a 7-to 9-quart stockpot with a lid. When the oil has melted, drop in 3 popcorn kernels. Cover the pot with the lid. When those test kernels pop, add the remaining popcorn kernels, and swirl them around to coat them with the coconut oil. Cover the pot and wait until you hear popping. When you do, reduce the heat a little bit and begin shaking the pot, with the lid slightly ajar (letting out a little steam makes crispier popcorn), until the popping just about stops. Remove from the heat immediately. Pour the popcorn into a large bowl. 

Keep the stockpot off the heat but add the butter to the pot and swirl it around to melt. Drizzle the butter over the warm popcorn, then sprinkle with salt and lots of pepper. Taste and adjust seasonings as you like.

Note: If you prefer to use a bag of microwave popcorn, just be sure to decrease the salt to account for the salt that’s already added to the bag.