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The tall striker appealed against his sending off during Saturday's game with Plymouth but earlier this week discovered the football league had decided against rescinding the red, despite a testemony from Sean St Ledger with whom the Wolves player clashed.
Although he admits to be disappointed at not being able to be involved this weekend, Iwelumo spoke about his pride at Wolves's current position. He told the official website: "I've got to say I'm gutted.
"I'm not going to play or be involved until the 18th of October and that's a hard one to take.
"The boys are flying at the moment and I just want to be part of that."
After eight goals in an impressive start to the season the striker hopes his side can 'do the business' in his absence,
"That's been taken away from me but I've just got to take it on the chin and make sure I keep myself in the shape and the form that I've been in and mentally strong as well.
"The three games are close to each other but then we've got the international break after that.
"I think that's what's killed me a little bit more because I thought maybe there was a chance I could break into the Scotland team but this has probably put a dampener on that.
"I've got to get my head around it and make sure I keep myself fit.
"I'm looking forward to getting back and the 18th of October can't come any quicker."