Heat oven to 425°F. Drain cherries, reserving 1 cup juice.
Mix 3/4 cup sugar, cornstarch and cinnamon in saucepan. Stir in cherry juice. Cook over medium heat, stirring constantly, 5 minutes, until smooth and thickened. Remove from heat. Stir in cherries, remaining 1/2 cup sugar, butter and coloring.
Unfold 1 crust; fit into 9-inch pie pan. Pour in cherry mixture. Unfold second crust; cover pie, in lattice pattern if desired. Crimp edges.
Bake in 425°F oven 45 minutes, until golden brown and bubbly. If pie browns too quickly, cover edges with foil. Cool pie on wire rack.