Cannabis producer tokenized lawsuit
Thus, the company collects money for a lawsuit against the authorities
07.01.2022 - 07:10
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What’s new? The cannabis company Apothio has raised $330 000 for the lawsuit against Kern County, California, through the so-called Initial Litigation Offering (ILO) on the Republic investment platform.
What is the essence of the lawsuit? The cannabis grower is seeking $1 million in compensation from the county for the damage caused. The deputies and California’s Department of Fish and Wildlife bulldozed 450 acres of crops. Apothio’s representative stated:
“The court systems work really well, they are just expensive. ... I believe ILOs can be a positive force for access to justice.”
How does the lawsuit’s tokenization work? Litigation funding investment is when third-party investors unrelated to a case can provide funds to a litigant in a court case and receive a return if the case has a positive outcome. Under an ILO, the fund contributors receive digital tokens that entitle them to receive a portion of the damages recovered.
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