Once you have a track record as a seller, money is released within 24 hours.
You say money is with ebay, it is in your account but not yet released. If buyer really did not get a code then he should contact ebay to get one.
Releasing the item sold without first being given the code, means you have no proof of delivery and buyer could open a not received case and get a refund. This really does happen, the code is sellers only protection.