Preheat your oven to 325°F (163°C) and prepare a 9x5-inch loaf pan by lining it with parchment paper and spraying it with nonstick cooking spray.

In a microwave-safe bowl, melt your milk chocolate chips in 30-second intervals, stirring between each, then let cool slightly.

In a large bowl, whisk together the all-purpose flour, Dutch-processed cocoa powder, baking soda, and kosher salt.

In a stand mixer or a large bowl, beat together the large eggs and granulated sugar for about 5 minutes until thick and fluffy.

Add the cooled melted chocolate, vegetable oil, and water to the egg and sugar mixture, mixing until smooth.

Gradually add the dry ingredients to the wet mixture, mixing until no lumps remain, then gently fold in the chopped maraschino cherries.

Pour the batter into the prepared loaf pan and smooth the top. Bake for 80-85 minutes or until a toothpick comes out with a few moist crumbs.

Remove from the oven and allow to cool completely in the pan on a wire rack.

For an optional glaze, whisk together confectioners' sugar and cherry juice until desired consistency, then drizzle over the cooled bread.