Line an 8x8 baking dish with aluminum foil and set aside.
Melt the chocolate chips and the sweetened condensed milk in a medium sauce pan over medium heat, stirring regularly or microwave until melted. Once mixture is melted, stir in the vanilla bean paste and vanilla extract and mix.
Add in chopped cherries and nuts and pour into prepared pan.
Place in the refrigerator and let set overnight.
Cut into 1 inch squares and store outside of the refrigerator for up to two weeks in an airtight container. Great for gifting!