Some analysts projected that recreational cannabis sales would hurt liquor sales. But that prediction has not come true, according to CNBC.

A new study analyzed sales data from Colorado, Washington, and Oregon -- the states with the longest history of legal marijuana.

The study, which was funded by an alcohol trade association, found no significant impact on liquor, wine, or beer sales. In fact, liquor sales had risen. Wine and beer sales, meanwhile, had already been fluctuating for years, before marijuana was legalized. So it’s hard to draw any conclusions.

For the study, researchers analyzed per-capita alcohol sales in all three states. They started with data from two years before legalization, to help establish a baseline. They compared those figures to the sales data from four years after legalization. Overall, sales of spirits had increased in each of the states they studied. Alcohol sales rose 3.6% in Oregon, and 7.6% in Colorado.

For wine, the results were mixed. Wine sales rose in Colorado and Oregon, but decreased in Washington.

But the product likely to lose the most market share might be the low-end beers, says Cowen financial analyst Vivien Azer. (The low-income beer-drinking demographic could switch its booze budget over to pot.)

Analysts still expect cannabis to eat up greater amounts of consumers’ disposable incomes. As new products appear, and old stigmas fade, the industry eyes a new generation of cannabis consumers.

But will they drink less than previous generations? It may be too early to tell, says Canaccord Genuity managing director Bobby Burleson. Times are changing, he says, and new demographics are experimenting with cannabis.

Whether that will impact alcohol sales remains to be seen. Human behavior is notoriously hard to predict.