from the time the first hairs appeared, the plant begun its flowering cycle, which will take anywhere from 7-12 weeks, depending on the strain.

yours looks at the second week approximately, and has much more to go. each bud will roughly 3-4X its size, begin to smell nice, and take at least another month, if not 2, no fully ripen.

also, make sure your using either warm cfls, or an hps lamp, and on a 12/12 light cycle. also use bloom fertilizers (tomato ferts are the closest alternative at walmart, but are much less than ideal.)