The vast majority of these "pot stocks" are/were scams. That's what you're missing here. The SEC does not have the time/money to go after every two-bit scam penny stock or else they'd never get anything else done. What they DID do was suspend a few early on and WARNED people about investing in the MJ sector as a whole. That was done for a very specific reason. Hell, I thought PH0T was certainly a lot more legit than ERBB at the time and it was one of the first to go.
Take a gander at their past history as "companies", and ERBB especially. These are opportunistic shysters who only entered this sector to piggyback off of the hype. Look at what these so called businesses did before. It's all over the map
But if you want it read out very simply, just take a look at ERBB's past 10 year history. It speaks volumes. Same old same old.