Line a large baking sheet with parchment paper and set aside.

In a stand mixer, combine the powdered sugar, softened butter, vanilla, almond extract, sweetened condensed milk, and chopped cherries.

Start the mixer on low speed for about 30 seconds, then increase to medium and mix for four minutes, scraping down the bowl as needed.

Use a cookie scoop to drop mounds of the filling onto the prepared baking sheet and freeze for at least one hour.

Roll each piece into smooth balls and freeze again for 30 minutes.

Melt the chocolate in a microwave-safe bowl in 30-second intervals, stirring after each until smooth.

Stir in the chopped peanuts into the melted chocolate, adding coconut oil if needed to thin it out.

Dip each frozen cherry center into the chocolate and let the excess drip off before placing it back on the parchment.

Allow the candies to sit at room temperature for about 40 minutes to set.

Store finished candies in an airtight container at room temperature for up to a week.