Drain the maraschino cherries, keeping the stems intact. Pat them completely dry with paper towels, being careful not to remove the stems; any moisture will prevent the sugar from adhering properly.
Place the granulated sugar in a shallow bowl. Add a few drops of pink food coloring and mix thoroughly with a fork until the sugar is uniformly colored. Add more coloring gradually until you achieve your desired shade of pink.
In a small bowl, combine the light corn syrup, water, and vanilla extract. Whisk until well blended; this mixture will help the sugar adhere to the cherries.
Holding each cherry by its stem, dip it into the syrup mixture, ensuring it is completely coated but not dripping excessively. Let any excess syrup drip off for a few seconds.
Immediately roll the coated cherry in the pink sugar, turning to coat all sides completely. Gently shake off any excess sugar and place the cherry on a parchment-lined tray.
Allow the sugared cherries to set at room temperature for about 20 minutes. Arrange them on a serving plate, making sure the stems are pointing upward for an attractive presentation.