In a medium saucepan, combine the heavy cream, whole milk, sugar, and vanilla extract. Heat over medium heat until the mixture is hot but not boiling, stirring occasionally to dissolve the sugar.

While the cream mixture is heating, sprinkle the gelatin over the cold water in a small bowl. Let it sit for about 5 minutes until it softens.

Once the cream mixture is hot, remove it from the heat. Add the softened gelatin to the cream mixture and stir until completely dissolved.

Pour the mixture into individual serving cups or ramekins. Allow them to cool to room temperature, then cover and refrigerate for at least 4 hours or until set.

In a blender, combine the sliced strawberries, lemon juice, and honey (if using). Blend until smooth. You can strain the mixture through a fine mesh sieve for a smoother sauce if desired.

Once the panna cotta has set, remove it from the refrigerator. Top each serving with the strawberry sauce before serving.