Line an 8x8-inch (20x20cm) baking pan with parchment paper, leaving an overhang on two sides. Thoroughly drain the maraschino cherries, pat them very dry, remove stems from all but the garnish cherries, and give them a rough chop.

In a heavy-bottomed saucepan over low heat, combine the sweetened condensed milk, white chocolate chips, and salt. Stir constantly until the chocolate is fully melted and the mixture is smooth. Do not let it boil.

Remove the pan from the heat. Immediately stir in the butter until melted, followed by the vanilla extract and 1-2 drops of red food coloring. Mix until you achieve a consistent pale pink color.

Gently fold in the chopped maraschino cherries and ¾ cup (128g) of the semi-sweet chocolate chips until just distributed. Pour the fudge into the prepared pan and spread evenly.

Sprinkle the remaining ¼ cup (42g) of chocolate chips over the top and arrange the whole maraschino cherries for garnish. Refrigerate for at least 4 hours, or until completely firm, before slicing.