Start by carefully removing the maraschino cherries from their jars and placing them on paper towels. Pat them dry gently to remove excess liquid.

In a microwave-safe bowl, add the white chocolate melting wafers. Heat in the microwave in 20-second intervals, stirring well after each round until melted and smooth.

Stir in the Malibu rum into the melted white chocolate until thoroughly combined, ensuring the mixture remains smooth.

Dip each cherry into the melted chocolate, covering about two-thirds. Allow excess to drip off before rolling in sanding sugar.

Arrange coated cherries on a parchment-lined baking sheet and let them set at room temperature for about 30 minutes.