Line a 8-inch baking pan with parchment paper, leaving 2 inches hanging over each side.
Place white chocolate chips, condensed milk and butter into a microwave bowl and on high, melt 30 seconds and stir for for 30 seconds.
Place back in microwave for 1 minute on high and then quickly stir until the white chocolate and butter is melted.
Add salt, vanilla bean paste, vanilla extract, chopped walnuts and chopped cherries and mix in quickly.
Pour mixture into prepared pan and chill in the refrigerator for at least 2 hours to overnight.
Cut into small squares and serve!