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What is this white silk looking stuff on my plant?
(reddthat.com)
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It looks a lot like spider mite webs. It doesn't usually kill the plants, but will affect your yields and possibly the taste.
Thank you. Would it make sense to cut off the one affected bud to stop the spread or is it already to late for that?
It's likely too late, but there's no need to kill off any of the plants or damage any colas.
Look into a spray meant to kill them off, and consider boosting the airflow, lowering the temp, and increasing humidity (if possible).
They don't like heat and dryness. Do not boost humidity. Make sure to apply insecticide 3 to five times. Their eggs can survive even after they die.