This appears to be true. The Hill also reported on this "last-minute amendment" to the recently passed government spending bill. According to The Hill:
The amendment, which is set to go into effect in a year, bans the sale of hemp products with more than 0.4 milligrams per container of total delta-9-tetrahydrocannabinol (THC)—a psychoactive cannabinoid, or compound found in the cannabis plant.
Michelle Bodian, general counsel and head of regulatory affairs at Nowadays, a company that sells THC-infused drinks, noted the variety of products that contain hemp-derived cannabinoids, including "beverages, tinctures, lotion, gummies, flowers, and smokeables."
It's true, too, that the industry has considerable adjusting to do in response to the new legislation. The one-year deadline to close the hemp loophole "threatens the broader hemp market—estimated to be worth tens of billions of dollars—with what one economist calls 'an extinction-level event.'" In reporting by Houston Public Media, economist Beau Whitney noted that "there are roughly 6,350 businesses that are projected to fail as a result of this and displace over 40,000 workers," representing "a significant blow to the Texas economy."
Further, Kentucky Public Radio host Joe Sonka emphasizes findings by the U.S. Hemp Roundtable advocacy group that predicted the legislation would wipe out 300,000 jobs, or roughly 95% of America's $28 billion hemp industry.