In a medium saucepan, combine the heavy cream, whole milk, honey, dried lavender, and a pinch of salt. Heat over medium heat, stirring occasionally, until the mixture is hot but not boiling. Remove from heat and let it steep for about 15 minutes to infuse the lavender flavor.

While the cream mixture is steeping, sprinkle the gelatin over the cold water in a small bowl. Let it sit for about 5 minutes to bloom.

After the cream mixture has steeped, strain it through a fine-mesh sieve into a clean saucepan to remove the lavender buds. Discard the buds.

Return the strained mixture to low heat. Stir in the bloomed gelatin until fully dissolved. Add the vanilla extract and mix well.

Pour the panna cotta mixture into individual serving cups or ramekins. Allow them to cool at room temperature for about 30 minutes, then cover with plastic wrap and refrigerate for at least 4 hours or until set.

To serve, run a knife around the edge of each panna cotta and gently invert onto a plate, or serve directly in the cups. Drizzle with additional honey and garnish with fresh lavender if desired.