Using a food processor, combine vanilla wafers, almonds and cocoa powder. Blend until desired texture (course ground meal). It may still be a little chunky because of the almonds but this will chop more after wet ingredients are added.
Add honey and coconut rum to mixture in food processor. Process until blended.
Shape into balls about the size of a quarter. If you have a melon baller that works well or you can just use your hands.
Roll in granulated sugar until coated on all sides. You can also roll them in cocoa powder or confectioners’ sugar if you prefer.
Store coconut rum balls in the refrigerator or at room temperature. Consume within 2-3 days.