Combine sugar, water, honey and butter in a medium-sized sauce pan and cook over medium-high heat.
Stir until the sugar is dissolved and butter is melted and cook until light amber in color-- about 20-25 minutes, stirring occasionally. If you have a candy thermometer, remove it from the heat once it hits 300 degrees (hard crack stage).
If not using a candy thermometer, you can drizzle a bit of the mixture into a bowl of ice water and if the candy hardens and is crunchy it's ready. Remove from the heat immediately as it will continue to cook and can burn.
Stir in almonds, cinnamon and cayenne pepper and pour onto a lined baking sheet (lightly grease if using foil). Let cool until completely hardened and break into bite-sized pieces.