California-based Symboli announced on Tuesday it planned to develop a blockchain-based token and issue it through a security token offering (STO) in accordance with US law. The funds generated will go into the acquisition of five Los Angeles cannabis retail locations, whose annual sales are projected to top $100 million in 2019.

The Symboli token will enable holders to receive cash dividends. The move is intended to support the company as it expands its business in California.

To facilitate the distribution, Symboli will use the so-called Cannabis Dividend, which will come with a 100% payout ratio of the entire net earnings generated during the first three years after the purchase of the five operations. The dividends will be paid to Symboli token holders, who are expected to receiv…

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