Beat the softened cream cheese in a large bowl with an electric mixer until light and fluffy, approximately 2 minutes.

Gradually add vanilla wafer crumbs to the cream cheese, mixing well after each addition to ensure smooth consistency.

Fold in the chopped pecans and dried cherries until evenly distributed throughout the mixture.

Drizzle bourbon over the mixture and stir thoroughly until everything is well combined and holds together when pressed.

Line a baking sheet with parchment paper. Scoop about 1 tablespoon of mixture and roll between your palms to form smooth balls.

Place formed balls on the prepared baking sheet, spacing them about 1 inch apart. Refrigerate for at least 1 hour or overnight for best results.

Combine dark chocolate chips and coconut oil in a microwave-safe bowl. Microwave in 30-second intervals, stirring between each, until chocolate is completely melted and smooth.

Remove chilled balls from refrigerator. Using a fork, dip each ball into melted chocolate, coating completely. Tap fork gently on bowl edge to remove excess chocolate.

Place chocolate-coated balls back on parchment-lined sheet. Immediately press a whole maraschino cherry on top of each ball while chocolate is still wet.

Allow chocolate coating to set at room temperature for 30 minutes, then refrigerate until serving. Store in airtight container in refrigerator for up to 2 weeks.