Coat a 13 x 9-inch baking dish with nonstick cooking spray; set aside.

Combine cereal and cherries in a large bowl; set aside.

Melt butter in a large saucepan over medium-high heat. Add cocoa powder and the marshmallows and stir until completely melted, about 3 minutes. Pour over cereal mixture and stir to coat completely. Spoon cereal mixture into prepared baking dish and, using a spatula or your hands coated with nonstick cooking spray, press mixture evenly into dish. Let cool, then cut into 2-inch squares. Place each square in a cellophane bag and tie with ribbon.