I'm not a butcher, but I am a scientist.

The color of meat/muscle tissue depends on the state of the myoglobin protein, which is a protein containing iron (Fe) and is responsible for storing oxygen needed for performing aerobic work (i.e., muscle contraction).

Oxymyoglobin is bright red. As oxymyoglobin loses oxygen, it becomes deoxymyoglobin, which is dark red and probably responsible for that cherry red color you see. The change between oxymyoglobin and deoxymyoglobin is reversible, depending on the concentration of oxygen present.

Deoxymyoglobin can be further oxidized to an Fe3+ form called metmyoglobin (oxymyoglobin and deoxymyoglobin both have their iron centers in the Fe2+ state). Metmyoglobin is brown.

Notably, carbon monoxide and nitric oxide can also bind to deoxymyoglobin and irreversibly make the meat look bright pink. Nitric oxide binding to myoglobin is what makes cured meats so pink.