Short answer is no, this is not medical cannabis. Currently in 2020 businesses in Australia require a license from federal government bodies to be able to handle Schedule 8 control substance THC.
Customers wishing to seek medical cannabis should consult with their doctors. The difference between Hemp oil extract products and Medical Cannabis are the laws that govern how businesses handle the plant (or any derivatives thereof). State Industrial hemp laws may at times conflict with the same laws that regulate cannabis on a federal level.