A marijuana banking bill took a big step forward Wednesday in the US Senate.

The bill seeks to establish a safe harbor for financial institutions serving legal marijuana businesses. The Secure and Fair Enforcement Regulation Banking Act was introduced by a bipartisan group of senators last week, and would pave the way for the sector to secure greater financing and expansion options.

Most banks in the U.S. do not service cannabis companies, as marijuana still remains illegal at the federal level despite medical and recreational use being legal in several states, including Michigan.

The bill now moves to the floor of the full Senate.