Proof of an innocent company being abused by the SEC suspension process? You are aware of what is called money laundering? Maybe you have heard of the AML? Micro-cap fraud? In these cases recently the SEC has suspended securities that have in fact sold shares that were not registered and used exemptions that were not applicable and lacked adequate information for such sales.
Securities laws are well defined when it comes to sales of shares and it is not the responsibility of the SEC to provide the documentation nor request the documentation for such sales. It is all on the ISSUER to provide all necessary documentation before allowing the sale. This why an issuer must pay for very food legal counsel that actually has experience in securities laws. However most of these shells hire Jack the freaking real estate attorney who is more than happy to write $75 legal opinions with his little securities experience.
You are assuming they are innocent. Nowhere, in subsequent filings did management state, they had received a Termination Notice from the SEC closing the investigation. Typical for a previously suspended company. A few months after the suspension one has:
The Auditors for the Company advised the Company on May 16, 2014 of the insufficiency of the filing and requested it be amended.
That ought to give the MM who filed the 211 a warm fuzzy feeling. BTW - where was it announced a 211 was definitely filed? No, haven't done a search on it. But no mention of it in subsequent 10Qs. Either way one has to consider it's not FINRA that is blocking the 211, but rather a MM suddenly with cold feet.
The improvement for the "process" would be to allow the SEC to include specifics in the suspension. The law forbids them to disclose anything specific prior to litigation. The SEC is unable to tell FINRA, or the MMs whether an investigation is still in progress. Thus, months later the only thing known is a 211 stalled. All one has is company statements, not giving any specifics on what happened. Unlike the SEC, they are free to do so.
There was a microcap last year which got suspended. Believe it had something to do with 3rd party promotion. Can't remember its name. One month later they announced they were filing a 211, with all issues resolved with the SEC. Two months after that it was effective. The point being, it was an extremely quick path to recovery for the SEC filer.
The only plus one can give to CANN is they have continued to file. Although most of the filings are about the auditor or S/1 stock registration offerings. Possibly a CYA dating back to the suspension? A company with a bleeding balance sheet, whose only significant source of revenue are convertible notes being issued out the kazoo. Amazing such companies are allowed in the market.
...but everyone is entitled to due process under our Constitution.
That isn't really relevant. Being a public company isn't a constitutional right. The rules are made by the SEC, and if companies don't follow them, they lose some or all of their public company privileges.