An amendment to the House defense authorization bill that would connect cannabis companies to the banking system has bipartisan support in both chambers, but its chances in the Senate are uncertain.

Late on Tuesday evening, the House agreed by voice vote to adopt an amendment offered by Rep. Ed Perlmutter, D-Colo., that would bar federal banking regulators from taking action against banks that serve cannabis businesses operating legally under state law. The amendment attaches provisions of Perlmutter’s cannabis banking bill to the fiscal 2022 defense authorization bill.

“I’ve been talking for years about the serious public safety threat that exists in our communities. The SAFE Banking Act will strengthen the security of our financial system and keep bad actors like cartels out of the cannabis industry,” Perlmutter said in a statement, using the acronym for the bill’s title. He added that he will work with colleagues in the Senate to ensure that provisions make it into the final bill.

Supporters of such legislation say shutting legal cannabis businesses out of the banking system forces them into cash transactions that involve greater risks, including for theft and money laundering.

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