Yes, in the sense that now it will be illegal to ship cannabis seeds interstate. Under current law, which doesn't expire for a year, cannabis seeds can be shipped legally interstate across the US as they don't exceed the THC content. Doesn't matter if it's a hemp seed or marijuana seed as both are hemp under the old definition in seed form as long as they're under 0.3% THC.
The passed legislation outlaws any seeds that can produce a plant that doesn't satisfy the new definition of hemp. It completely destroys the white market seed industry, on which the legal weed industry partially operates.
Also, prices will go up and quality will go down in the 'legal' weed market, as previously the hemp industry was a check on prices because you could get better product for cheaper than going to a dispensary and with nice lab tested COAs to see what you were getting.
In 2018 a provision was attached to the Farm Bill to legalize "hemp". The public and presumably the senators were led to believe this was about legalizing textiles and things like that, not drugs. It turned out that the language actually legalized delta-8 too. Many people were displeased with that outcome, because in many states it's completely unregulated with no additional taxes or anything like there is in "legal cannabis" states, and again because it was not understood or anticipated by most people. So now that provision is being reverted in this year's Farm Bill, passage of which was part of the shutdown deal (I think because SNAP benefits are part of the farm bill).
Until a month ago in Texas my kids could buy Delta-8 weed gummies at the gas station by my house (the Texas governor issued some emergency regulations to limit this). You didn't even need to be 18. This bill is targeted at those products legalized by the 2018 loophole.
This is a perfect example of the opportunity for federalism. Any state could —and many did— close the loophole. You mentioned emergency regulation from the Texas governor. New recreational substances are discovered and introduced to market continuously. States can use their legislative authority to address them. Delta-9, Spice, and other delta-8 THC analogues have been successfully addressed by states.
The side effects of this provision make hemp plants in the ground illegal, according to Senator Paul. It is reasonable for the public to be outraged about a hastily-written amendment whose authors failed to understand the unintended consequences.
But I’m not aware of many (any?) states that chose to close the loophole with a ban. Most, even ruby red Texas, just passed a state regulatory regime that included testing and taxation, as well as a 21 year old cutoff for buyers.
Does this actually have any impact on legal dispensaries, their products, farms, etc?
Does this make it harder to eventually de-schedule pot.