Cut the cherries into quarters. Pat with a paper towel over and over again to remove as much moisture as possible. Continuing patting with a paper towel until there isn't any more moisture. Set aside.

Line a 9x13 baking dish with non-stick foil. Set aside.

Combine butter, sugar, and heavy cream in a heavy bottomed saucepan.

Bring to a boil over medium heat, stirring frequently.

Once at a full boil, continue boiling for 3 minutes, stirring continuously.

Add cherry gelatin and stir continuously, boiling for another 2 to 3 minutes or until gelatin is completely dissolved.

Remove from heat and stir in white baking chips. (I use a whisk to get out all the lumps.)

Stir in marshmallow creme and cherry or vanilla extract.

Fold in dry maraschino cherries.

Pour into prepared pan and let cool to room temperature and then refrigerate.

Place powdered sugar in a heat-proof bowl and set aside.

In a small saucepan, combine the butter, unsweetened cocoa, and Coca-Cola over medium heat.

Bring just to a boil and pour over powdered sugar. Whisk until combined and smooth.

Add vanilla extract and continue whisking or stirring to combine.

Immediately pour over chilled fudge. Use an offset spatula to gently spread the frosting over the top of the fudge.

Chill for 20 minutes or until frosting has set.

Cut into small pieces and serve.