The crime thriller series was released just a few weeks ago.

Loosely inspired by Williamson's own family, the series followed the Buckleys, a clan that has essentially run the seaside town of Havenport, North Carolina, for decades, thanks to their fishing and restaurant businesses.

This empire has started to collapse, however, since patriarch Harlan (Holt McCallany, Mindhunter) suffered two heart attacks and stepped back from day-to-day operations.

In response, his wife Belle (Maria Bello, A History of Violence) and son Cane (Jake Weary, Animal Kingdom) turned to drug dealing to keep themselves afloat financially.

However, when Jake gets into trouble in the course of this criminal work, putting the Buckleys at risk in the process, a recovering Harlan returns to seize control of the family's affairs and steer them to safety.

The Waterfront's cast also included Melissa Benoist (Whiplash), Michael Gaston (The Leftovers) and Topher Grace (That '70s Show).

Upon checking out its first episode, JOE said the show mixed "the picturesque coastal setting of Bloodline, the criminal plots of Ozark and the family dynamics of Yellowstone".

The cancellation is a surprise, given that The Waterfront earned decent reviews and seemed to find an audience on Netflix.

Globally, it was the most-watched English-language series on the streaming service for three weeks following its release on 19 June.

In a statement about the cancellation, creator Williamson - who previously stated he had plans for more of the series - said:

"A big thank you to everyone who watched The Waterfront. While I’m sad the Buckleys won’t be back for Season 2, I’m celebrating the joy that was Season 1.

"I had the pleasure of working with a dream cast and crew. My heart is full of gratitude for all the people who brought their talents to the show both in NC and LA. You were all amazing.

"Thank you to my partners at Universal TV. And thank you to Netflix for taking a chance on a very personal story. You were truly a joy to work with! It was one of the best experiences of my life! Thank you."

All eight episodes of The Waterfront are streaming on Netflix now.

Image via KevWilliamson/Instagram