Line an 8x8-inch baking pan with parchment paper, leaving a slight overhang on the sides for easy removal.
Chop the maraschino cherries into small pieces.
Place the chopped cherries on paper towels and allow them to dry for 30 minutes to remove excess moisture.
In a medium saucepan, combine the granulated sugar, unsalted butter, heavy cream, and salt.
Place the saucepan over medium heat and bring the mixture to a boil, stirring frequently.
Once the mixture reaches a boil, insert a candy thermometer into the saucepan.
Continue cooking the fudge mixture, stirring frequently, until the thermometer reaches 235°F.
Remove the saucepan from the heat immediately once the mixture reaches the proper temperature.
Slowly add the white chocolate chips and marshmallow cream, alternating between the two ingredients while stirring.
Continue stirring until the white chocolate chips and marshmallow cream are completely melted and the mixture is smooth.
Add the pink food coloring.
Stir until the color is evenly distributed throughout the fudge mixture.
Add the chopped, dried maraschino cherries.
Stir until the cherries are evenly incorporated.
Pour the fudge mixture into the prepared baking pan.
Spread the mixture evenly and smooth the top with a spatula.
Allow the fudge to sit at room temperature for 3 to 4 hours, or until fully set.
Once set, lift the fudge from the pan using the parchment paper.
Transfer the fudge to a cutting board.
Cut into 1-inch pieces before serving.