Sorry 'Real Housewives of Rhode Island' fans ... Liz McGraw will NOT be returning for the second season of the Ocean State's reality TV series.

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Liz confirmed her departure in a social media Wednesday ... explaining she wants to "take a step back" and focus on her family, work, and passions.

She says she will be "rooting for the continued success of this franchise" ... so it seems like there's no animosity ... despite some majorly unfinished business with Jo-Ellen Tiberi.

Still, this is a massive hit to the 'RHORI' cast -- Liz is the anchor of the group, having connections with all the girls. She was also known for some iconic one-liners, making wise crack with a cigarette in hand.

Liz gained popularity as Rhode Island's "Cannabis Queen," running its largest dispensary ... her tagline was, "In the Ocean State, I dispense the weed and the truth."

Her 'RHORI' exit is a truth a lot of fans are not ready to face.

So long, Liz!!!