Line a baking sheet with parchment paper; spray with cooking spray.
Combine butter and baking soda in a small bowl; set aside.
Combine peanuts, vanilla, and cinnamon in a medium bowl; set aside.
Combine sugar, Monk Fruit In The Raw, and water in a medium saucepan. Bring to a boil and cook until mixture begins to turn a light amber. Stir peanut mixture into very hot sugar mixture. Stir baking soda mixture into mixture. (mixture will bubble rapidly... use care.)
Pour hot mixture onto parchment paper and spread with a spatula sprayed with cooking spray until peanuts are in a single layer.