Rinse brussel sprouts with cold fresh water and dry. Cut off both ends of sprouts and discard.
Slice sprouts in half, either long ways or short, and sprinkle with olive oil. Salt and pepper the brussel sprouts.
Pre-heat the smoker to 225°F and place a grill basket inside smoker.
Once pre-heated, place the cut and seasoned brussel sprouts in the grill basket. Also place the 3 strips of bacon straight on the smoker rack and smoke for 20 minutes.
While sprouts are smoking, mix together the honey and balsamic vinegar until well blended. Set aside.
After 20 minutes, turn the heat of the smoker up to 425°F and cook another 20 minutes or until the bacon is crispy. Remove bacon from the smoker and allow to cool. Once cooled, crumble bacon and set aside.
After removing the bacon, pour the balsamic and honey glaze on the brussel sprouts and mix around to fully coat. Cook another 10 minutes or until they are fork tender.
Remove sprouts and plate. Sprinkle the crumbled bacon and cranberries on top and serve. Enjoy!