Shake margarita. Combine grapefruit juice, lime juice, tequila, Cointreau, and honey in a cocktail shaker full of ice. Shake vigorously until the outside of the shaker is frosted.

Rim glass. Combine salt and sugar on a small plate. Run a lime wedge around the outside of a glass and dip the glass in the salt-sugar mixture.

Strain and serve. Fill the glass with ice and strain the margarita into the glass. Add a lime, grapefruit wedge and orange twist for garnish.