What is this and what do I do about it?
That unfortunately is bud rot, and it needs to be thrown out, as well as any other part of the plant that looks like it.
I would recommend sanitation procedures for the entire tent also.
Sorry for your loss.
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Unfortunately that is Bud rot. If you had a microscope, mold looks hairy under the scope. 
Also Welcome to the community. 
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Bud rot sorry buddy
What can I do about it? Will I lose the whole plant or can I work around it? Also I’m growing outside and we had lots of rain over the past few weeks.
U could try removing infected areas but personally I’d cut my loss and start again
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Spray liberally with hydrogen peroxide and cut out anything you see suspect. Not much else you can do except damage control.
You could lose the whole plant if the rest looks like this.
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