Heat oven to 375°F. Spray cookie sheet with nonstick cooking spray. In food processor bowl with metal blade, combine almond paste, sugar, flour, cardamom and butter; process with on/off pulses to form crumbly mixture.
On work surface, unroll each can of dough into 1 large rectangle. Overlap short sides of rectangles to form 1 long rectangle, 25x8 inches. Press edges and perforations to seal. Sprinkle almond paste mixture over dough to within 1/2 inch of edges; press mixture gently into dough.
Starting with long side, roll up dough, pinching edges gently to seal. With palms of hands, gently roll and stretch dough until about 30 inches long. Gently lift and arrange roll, seam side down, into ring shape on sprayed cookie sheet; pinch ends together. With kitchen scissors or knife, make 1 to 1 1/2-inch-long cuts 2 inches apart in top of dough ring.
Bake at 375°F. for 25 to 30 minutes or until golden brown. Remove coffee cake from cookie sheet; place on wire rack. Cool 45 minutes or until slightly cooled.
In small bowl, blend powdered sugar, almond extract and enough milk for desired glaze consistency; beat until smooth. Drizzle glaze over warm coffee cake. Cut cherries in half; arrange decoratively over top. Serve warm.