Mold can look a million ways. You can't necessarily identify it by the color, shape, or growth patterns.

Smoking the mold (i have learned) will not likely harm you. the high temperature of burning and the atmosphere of the lungs will, in combination, destroy the spores. you could, however, still have an allergy or something. I would suggest removing any moldy part, drying REAL well in a warm place, and smoke. It will taste like shit, though.

Be careful, dude. If you can afford it, I'd just buy a new bag.