Karmichael Hunt has pleaded guilty to four counts of possession of a prohibited drug and was fined A$2,500, but no conviction was recorded.
As a result of the outcome, the Australian Rugby Union and Queensland Rugby Union have handed Hunt a six-week suspension and fined him A$30,000.
The 28-year-old, a former rugby league international who signed for the Reds earlier this year, must also enter a drug treatment and rehab program and will be the subject of a targeted drug testing program.
Hunt admitted to purchasing 12.5 grams of cocaine from 1 September to 3 October 2014 when he was still playing for the Australian Football League's Gold Coast Suns.
He has already missed two weeks of Vodacom Super Rugby for the Reds, and that has been taken into account, meaning he'll be eligible to return to the field against the Rebels in Melbourne on 3 April.
'I made a terrible mistake last year and have no one but myself to blame for this situation,' said Hunt following the verdict. 'I am genuinely sorry for the distress I have caused my family, friends, teammates, Reds members, sponsors, fans and the wider rugby and sporting community in Queensland and beyond.
'I intend to work through the education and rehabilitation program and will return to the game in a way that sends a clear message to sports fans of all ages that the use of illicit substances has no place in sport.
'I am grateful for the support I have received from Queensland rugby over the past few weeks and intend to repay their loyalty through my future actions on and off the field.'
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