Step 1: Preheat your oven to 350°F (175°C) and grease a 9-inch round cake pan. In a small bowl, combine the crushed saffron threads and warm milk. Let it steep for 15-20 minutes until the milk is deep yellow.
Step 2: In a large mixing bowl, cream together the softened butter and granulated sugar until the mixture is light, pale, and fluffy.
Step 3: Beat in the eggs one at a time, followed by the orange zest, orange juice, and the saffron-milk mixture. Mix until well combined.
Step 4: In a separate bowl, whisk together the flour, ground pistachios, baking powder, and salt. Gradually fold the dry ingredients into the wet ingredients until just combined.
Step 5: Pour the batter into the prepared cake pan and smooth the top. Bake for 40-45 minutes, or until a skewer inserted into the center comes out clean.
Step 6: While the cake cools slightly, whisk together the honey and 2 tablespoons of orange juice. Prick the warm cake with a toothpick and pour the honey drizzle evenly over the top.
Step 7: Allow the cake to cool completely in the pan before removing. Garnish with extra crushed pistachios if desired.