Powershell, 164 96 bytes
-68 bytes with -match O($n*2^n)
instead recursive generator O(n*log(n))
param($s,$n)for(;$z=$s|% t*y|?{"$($s[-1])"*($n-1)+$x-notmatch-join"$x$_"[-$n..-1]}){$x+=$z[0]}$x
Ungolfed & test script:
$f = {
param($s,$n) # $s is a alphabet, $n is a subsequence length
for(; # repeat until...
$z=$s|% t*y|?{ # at least a character from the alphabet returns $true for expression:
"$($s[-1])"*($n-1)+$x-notmatch # the old sequence that follows two characters (the last letter from the alphabet) not contains
-join"$x$_"[-$n..-1] # n last characters from the new sequence
}){
$x+=$z[0] # replace old sequence with new sequence
}
$x # return the sequence
}
@(
,("ABC", 2, "AABACBBCC")
,("ABC", 3, "AAABAACABBABCACBACCBBBCBCCC")
,("ABC", 4, "AAAABAAACAABBAABCAACBAACCABABACABBBABBCABCBABCCACACBBACBCACCBACCCBBBBCBBCCBCBCCCC")
,("ABC", 5, "AAAAABAAAACAAABBAAABCAAACBAAACCAABABAABACAABBBAABBCAABCBAABCCAACABAACACAACBBAACBCAACCBAACCCABABBABABCABACBABACCABBACABBBBABBBCABBCBABBCCABCACABCBBABCBCABCCBABCCCACACBACACCACBBBACBBCACBCBACBCCACCBBACCBCACCCBACCCCBBBBBCBBBCCBBCBCBBCCCBCBCCBCCCCC")
,("ABC", 6, "AAAAAABAAAAACAAAABBAAAABCAAAACBAAAACCAAABABAAABACAAABBBAAABBCAAABCBAAABCCAAACABAAACACAAACBBAAACBCAAACCBAAACCCAABAABAACAABABBAABABCAABACBAABACCAABBABAABBACAABBBBAABBBCAABBCBAABBCCAABCABAABCACAABCBBAABCBCAABCCBAABCCCAACAACABBAACABCAACACBAACACCAACBABAACBACAACBBBAACBBCAACBCBAACBCCAACCABAACCACAACCBBAACCBCAACCCBAACCCCABABABACABABBBABABBCABABCBABABCCABACACABACBBABACBCABACCBABACCCABBABBABCABBACBABBACCABBBACABBBBBABBBBCABBBCBABBBCCABBCACABBCBBABBCBCABBCCBABBCCCABCABCACBABCACCABCBACABCBBBABCBBCABCBCBABCBCCABCCACABCCBBABCCBCABCCCBABCCCCACACACBBACACBCACACCBACACCCACBACBACCACBBBBACBBBCACBBCBACBBCCACBCBBACBCBCACBCCBACBCCCACCACCBBBACCBBCACCBCBACCBCCACCCBBACCCBCACCCCBACCCCCBBBBBBCBBBBCCBBBCBCBBBCCCBBCBBCBCCBBCCBCBBCCCCBCBCBCCCBCCBCCCCCC")
,("01", 3, "00010111")
,("01", 4, "0000100110101111")
,("abcd", 2, "aabacadbbcbdccdd")
,("0123456789", 3, "0001002003004005006007008009011012013014015016017018019021022023024025026027028029031032033034035036037038039041042043044045046047048049051052053054055056057058059061062063064065066067068069071072073074075076077078079081082083084085086087088089091092093094095096097098099111211311411511611711811912212312412512612712812913213313413513613713813914214314414514614714814915215315415515615715815916216316416516616716816917217317417517617717817918218318418518618718818919219319419519619719819922232242252262272282292332342352362372382392432442452462472482492532542552562572582592632642652662672682692732742752762772782792832842852862872882892932942952962972982993334335336337338339344345346347348349354355356357358359364365366367368369374375376377378379384385386387388389394395396397398399444544644744844945545645745845946546646746846947547647747847948548648748848949549649749849955565575585595665675685695765775785795865875885895965975985996667668669677678679687688689697698699777877978878979879988898999")
,("9876543210", 3, "9998997996995994993992991990988987986985984983982981980978977976975974973972971970968967966965964963962961960958957956955954953952951950948947946945944943942941940938937936935934933932931930928927926925924923922921920918917916915914913912911910908907906905904903902901900888788688588488388288188087787687587487387287187086786686586486386286186085785685585485385285185084784684584484384284184083783683583483383283183082782682582482382282182081781681581481381281181080780680580480380280180077767757747737727717707667657647637627617607567557547537527517507467457447437427417407367357347337327317307267257247237227217207167157147137127117107067057047037027017006665664663662661660655654653652651650645644643642641640635634633632631630625624623622621620615614613612611610605604603602601600555455355255155054454354254154053453353253153052452352252152051451351251151050450350250150044434424414404334324314304234224214204134124114104034024014003332331330322321320312311310302301300222122021121020120011101000")
) |% {
$s,$n,$e = $_
$r = &$f $s $n
"$($r-eq$e): $r"
}
Output:
True: AABACBBCC
True: AAABAACABBABCACBACCBBBCBCCC
True: AAAABAAACAABBAABCAACBAACCABABACABBBABBCABCBABCCACACBBACBCACCBACCCBBBBCBBCCBCBCCCC
True: AAAAABAAAACAAABBAAABCAAACBAAACCAABABAABACAABBBAABBCAABCBAABCCAACABAACACAACBBAACBCAACCBAACCCABABBABABCABACBABACCABBACABBBBABBBCABBCBABBCCABCACABCBBABCBCABCCBABCCCACACBACACCACBBBACBBCACBCBACBCCACCBBACCBCACCCBACCCCBBBBBCBBBCCBBCBCBBCCCBCBCCBCCCCC
True: AAAAAABAAAAACAAAABBAAAABCAAAACBAAAACCAAABABAAABACAAABBBAAABBCAAABCBAAABCCAAACABAAACACAAACBBAAACBCAAACCBAAACCCAABAABAACAABABBAABABCAABACBAABACCAABBABAABBACAABBBBAABBBCAABBCBAABBCCAABCABAABCACAABCBBAABCBCAABCCBAABCCCAACAACABBAACABCAACACBAACACCAACBABAACBACAACBBBAACBBCAACBCBAACBCCAACCABAACCACAACCBBAACCBCAACCCBAACCCCABABABACABABBBABABBCABABCBABABCCABACACABACBBABACBCABACCBABACCCABBABBABCABBACBABBACCABBBACABBBBBABBBBCABBBCBABBBCCABBCACABBCBBABBCBCABBCCBABBCCCABCABCACBABCACCABCBACABCBBBABCBBCABCBCBABCBCCABCCACABCCBBABCCBCABCCCBABCCCCACACACBBACACBCACACCBACACCCACBACBACCACBBBBACBBBCACBBCBACBBCCACBCBBACBCBCACBCCBACBCCCACCACCBBBACCBBCACCBCBACCBCCACCCBBACCCBCACCCCBACCCCCBBBBBBCBBBBCCBBBCBCBBBCCCBBCBBCBCCBBCCBCBBCCCCBCBCBCCCBCCBCCCCCC
True: 00010111
True: 0000100110101111
True: aabacadbbcbdccdd
True: 0001002003004005006007008009011012013014015016017018019021022023024025026027028029031032033034035036037038039041042043044045046047048049051052053054055056057058059061062063064065066067068069071072073074075076077078079081082083084085086087088089091092093094095096097098099111211311411511611711811912212312412512612712812913213313413513613713813914214314414514614714814915215315415515615715815916216316416516616716816917217317417517617717817918218318418518618718818919219319419519619719819922232242252262272282292332342352362372382392432442452462472482492532542552562572582592632642652662672682692732742752762772782792832842852862872882892932942952962972982993334335336337338339344345346347348349354355356357358359364365366367368369374375376377378379384385386387388389394395396397398399444544644744844945545645745845946546646746846947547647747847948548648748848949549649749849955565575585595665675685695765775785795865875885895965975985996667668669677678679687688689697698699777877978878979879988898999
True: 9998997996995994993992991990988987986985984983982981980978977976975974973972971970968967966965964963962961960958957956955954953952951950948947946945944943942941940938937936935934933932931930928927926925924923922921920918917916915914913912911910908907906905904903902901900888788688588488388288188087787687587487387287187086786686586486386286186085785685585485385285185084784684584484384284184083783683583483383283183082782682582482382282182081781681581481381281181080780680580480380280180077767757747737727717707667657647637627617607567557547537527517507467457447437427417407367357347337327317307267257247237227217207167157147137127117107067057047037027017006665664663662661660655654653652651650645644643642641640635634633632631630625624623622621620615614613612611610605604603602601600555455355255155054454354254154053453353253153052452352252152051451351251151050450350250150044434424414404334324314304234224214204134124114104034024014003332331330322321320312311310302301300222122021121020120011101000
See also: One Ring to rule them all. One String to contain them all