It does make sense, if you actually understand what blockchain and ICOs are about...
Whether or not this particular project will work out, I don't know. But as long as tokens automatically grant participation in the profits of the farmers it would be almost no different from investing in a business. The only difference would be that the blockchain makes it far easier to invest. And that is indeed a big part of the future of the blockchain: Allowing everybody to invest in ventures and businesses, not just a select few wealthy people with access to the right middlemen services.
If you were a seasoned investor you would be able to appreciate the general idea behind this proposal.
For this to be true, there has to be some legal framework in place that guarantees that. And for that you need government involvement. And government involvement could very easily mean that only a select few wealthy people with access to the right middlemen services will be able to invest money into business through an ICO. Good example of this is China, where after the ICO ban companies can sell their tokens only to accredited investors.
There doesn't need to be any legal framework in place that doesn't already exist. Contracts can take care of that. Tokens are just a way to keep track of investments and simplify the process of collecting funds. Furthermore, it's impossible to regulate ICOs. You can only regulate the change from crypto into fiat, which most people won't ever care about.