DENVER (KDVR) — Colorado voters have decided against allowing liquor store chains to have more than three locations in the state, according to the Associated Press.

Proposition 124 failed with 62.4% of the vote, or more than 1.2 million ballots as of Wednesday around 7 p.m. The AP estimates 86% of the vote has been counted.

Currently, liquor store chains are allowed three locations in the state while drugstores — state-defined as grocery stores with a pharmacy — with liquor licenses are allowed to have eight locations. Proposition 124 would have allowed liquor store chains to operate at eight locations as well, and by 2037 the cap would be lifted entirely.

Under current law, liquor stores will remain limited to three locations until 2027 when the cap lifts to four.

Smaller liquor store owners were generally concerned that Prop 124 would have allowed larger liquor chains to outnumber them and drive down business.

Larger liquor store chains were in favor of the measure, as they say it it would have evened the score between liquor licenses allowed between drugstores and liquor chains.

In state funding, Prop 124 would have contributed less than $10,000 per year to state and local government through liquor license application fees. In state spending, the measure would have minimally expanded the current workload for the Liquor Enforcement Division in the Department of Revenue.