According to multiple reports, Cursed season 2 is not in the cards. While Netflix has been known to save certain shows from cancelation, their shows don't move elsewhere. So this is firmly a one-and-done situation. The cast has been released from any contractual obligations and are now free to pursue other opportunities. No specific reason for the cancellation was provided. Though it likely came down to the audience it brought in relative to what it cost to produce.
Netflix is often not forthcoming in terms of the audience