Preheat the oven to 350 degrees. Spray a loaf pan with cooking spray and set aside.

In a large bowl combine the butter, almond paste, and sugar. Mix well.

Add the eggs and mix well.

In a small bowl combine the flour, baking powder, nutmeg, and salt.

Add half the flour mixture to the butter mixture and mix well. Add in the milk and stir to combine. Add the remaining flour mixture and mix to combine.

Fold in the cherries.

Pour the batter into the prepared pan. Bake for 55-60 minutes or until a toothpick inserted into the center comes out clean.

Remove the bread from the oven and allow to cool for 10 minutes. Run a butter knife around the edge of the pan and remove bread from pan.

Cool completely on a wire rack.