Changing Finder label colors

Yes - select the file or folder, and choose your new label color under the file menu.
Unless you are wanting to change the available colors to increase the number of colors or something else?
 
Yes, I want to change the available colors (e.g. I don't paritcularly like the green label, so I want to change it to a completely different green).

If this is possible within MacOS it sure is hidden well.
If not -is there a freeware/shareware tool that can help edit the available color labels?
 
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