To me there appears to be a misunderstanding of exactly what...

To me there appears to be a misunderstanding of exactly what "medical" cannabis is in terms of the Australian market and the current regulatory framework both local ODC licensing and international law regarding trade in raw cannabis.

Elixinol is Cannabidiol (CBD) ,Hemp oil from the whole plant or flower not Hemp Seed oil and what is derived from low THC hemp cannabis is medical in terms of use for pain relief etc. and there's no restriction on trade within UN treaty on International Drug Trade. There is a restriction within that treaty on the other psychoactive components of cannabis mainly delta-9 THC. Those countries that trade in Cannabis (with high delta-9 THC) do so in a grey area with regard to that UN treaty. Where it is done is between countries that have similar legislation in place e.g. Canada and Holland.

Australia created a framework when legalising Cannabis (Hemp) for food through Office of Drug Control for licensing that distinguishes what can be done with the hemp that is grown. When food derived from Hemp seed became legal for consumption in Nov. 2017, Cannabidiol or Hemp Oil derived from the whole plant and which had been legally imported prior to that, was made illegal.

The passing of this bill in the US Senate combined with the fact that W.H.O earlier stated
"To that end, the ECDD did an initial review of a cannabis compound called cannabidiol (CBD). Recent evidence from animal and human studies shows that its use could have some therapeutic value for seizures due to epilepsy and related conditions. Current evidence also shows that cannabidiol is not likely to be abused or create dependence as for other cannabinoids (such as Tetra Hydro Cannabinol (THC), for instance). The ECDD therefore concluded that current information does not justify scheduling of cannabidiol"
leads me to think that Australia will revert and at least allow the import again of Elixinol.

I do not see the ODC licensing easing up though. The separation of use is to control and monitor delta-9 THC levels since these levels vary in the same plant from the same seed stock grown under different conditions ,at different times during that growth and in different parts of the plant. One Western Australia's current hemp producers (due possibly to stress on the plants under current growing conditions) was struggling to keep the delta-9 content below acceptable levels.
ODC dictates that cannabis grown licensed for food cannot be extracted for cannabidiol. No mix use crops. All cannabis grown for medical whether low or high THC must be grown separately and under separate licence.

The reference to the advancement of other companies and their medical cannabis and money spent relates more to high THC cannabis and the further research needed into what specific levels, dosage or profiles of cannabinoids in general are required for the various and many human ailments. Cannabidiol and hence Elixinol is already well established in terms of research, acceptance and market worldwide .
Australia saw the error, and even though was one of the last places in the world to accept Hemp food for legal consumption, and changed. Now that opiod use is restricted, the demand for a safe effective alternative will IMO cause the same recognition of an error in the current regulatory framework and change, at least with regard to cannabidiol. This ANN strengthens that view.

Elixinol does not need to spend tens of millions on labs, research etc for cannabidiol that has been done by others over years. They have the product and the only lab testing that is needed is for content and quality control which can be outsourced. There would be a cost to that as with any product but no where near the level that you are indicating.