A Gold Coast court fined Hunt $2500 earlier on Thursday after he pleaded guilty to four counts of cocaine possession.

But Southport magistrate Catherine Pirie did not impose a conviction on the 28-year-old, citing his lack of prior criminal history and remorse as factors in her decision.

A conviction would have stymied any chance of the code-hopping football player playing internationally.

In the wake of the court outcome, the Australian Rugby Union and Queensland Rugby Union suspended Hunt for six weeks and fined him $30,000.

"Karmichael has accepted these penalties despite being contracted to another code during the time in question," according to a joint statement from the rugby union authorities.

Hunt was one of 10 present and former football players across two codes caught in a Crime and Corruption sting targeting cocaine trafficking in South East Queensland.

The investigation targeted drug dealing former Sydney Roosters player John Touma, who played under the name John Thomas, from whom Hunt admitted he bought cocaine from four times in September and October last year.

Hunt is the first charged by the CCC to plead guilty.

The one-time NRL Bisbane Broncos player and former player for the AFL's Gold Coast Suns was charged with four counts of supplying cocaine by the CCC last month.

However, the charges were dismissed on Thursday, after Hunt agreed to plead guilty to four counts of possession.

Outside the court he said he was relieved with the outcome.

'We're just looking forward to putting this… process behind us and moving on.'

The Reds player bought cocaine four times last year as part of a "misguided, post-season celebration that went on for a month", a Gold Coast court has heard.

Hunt, 28, appeared in Southport Magistrates Court on Thursday morning where he formally entered a guilty plea to four counts of drug possession.

Wayne Bennett was one of several people who gave references to court about Hunt.