Line an 8x8-inch pan with parchment paper, leaving some overhang for easy removal. Set aside.
In a medium saucepan, combine the granulated sugar, heavy cream, butter, and salt. Cook over medium heat, stirring frequently, until the mixture comes to a boil. Attach a candy thermometer to the side of the pan and continue cooking until the mixture reaches 234°F (soft-ball stage). This should take about 10 minutes.
Once the mixture reaches 235°F to 239°F, remove the pan from the heat. Stir in the marshmallow cream and cherry baking emulsion until fully combined.
Let the mixture cool to about 200°F then add the white chocolate chips. Stir until melted and smooth. Fold in 1 cup of the chopped cherries.
Let the mixture cool to 84°F and fold in ¾ cup of the chocolate chunks. If you fold the dark chocolate in before allowing the fudge to cool to 84°F then it will melt. You will end up with swirls of melted chocolate instead of chunks which is still quite delicious. But don’t let the mixture cool too much or you won’t be able to pour it into the pan.
Pour the fudge mixture into the prepared pan and spread it evenly. Sprinkle the remaining ½ cup of cherries and ¼ cup of chocolate chunks over the top, pressing them lightly into the surface to ensure they adhere.
Allow the fudge to cool at room temperature until firm, or refrigerate for faster setting.
Once the fudge is fully set, lift it out of the pan using the parchment overhang. Cut into squares and serve. Store leftovers in an airtight container at room temperature or in the refrigerator.
Notes
The smaller you chop the cherries and dark chocolate, the easier it will be to slice the fudge.
I don’t recommend using jarred Maraschino cherries. Even when we drained them and patted them dry, they still had a tendency to leave wet pockets in the fudge after the fudge sat for a day or two.
I had the best luck using glacé cherries (aka candied cherries) which you can usually find in the baking aisle near the dried fruit. Sometimes I find them in the produce area, which seems a little out of place to me but they often get grouped with the raisins and nuts.
If your candied cherries are coated in syrup, make sure to dry them thoroughly before using. Any leftover moisture can seep into the fudge, creating unwanted gooey pockets or wet spots.
Use a candy thermometer to keep things on track. Aim for 235°F for the perfect set...... this gives a little cushion in case your thermometer isn’t spot-on. Want firmer fudge? Let it hit 236°F to 238°F, but don’t push it too far or it may get crumbly.
Wait until the mixture cools slightly before adding the dark chocolate. Add it too early, and you’ll get swirls instead of chunks, not a disaster, but not quite the goal.