Glen Russell, 47, pleaded guilty in Warrnambool Magistrates Court on Thursday to drug and weapon offences.

Magistrate Peter Mellas provided a sentence indication of an unspecified jail term and a community corrections order, which the man agreed to.

He was remanded in custody and will be assessed by the Office of Corrections.

Mr Russell's rural property was raided by police on March 5 this year, nine years after his firearm licence had expired.

Police found an unregistered .177 air rifle and two 12 gauge shotguns as well as air-rifle pellets, boxed and loose .22 calibre bullets and a belt containing 14 shotgun cartridges at the Portland district property.

None of the firearms were loaded but two were unsecured and in arms reach of entrance doors.

Officers also located $2050 cash they claim is the proceeds of crime through the sale of drugs and eight large cardboard boxes containing 12 kilograms of dried vacuum sealed plastic bags of cannabis.

During a police interview, Mr Russell said the cash was from "cash jobs" and that he had forgotten the firearms were located at his property.

He said he had been residing at the house for two weeks at a time due to COVID-19 restrictions and was working as a farm hand at the property.

Mr Russell will be sentenced next week.

He has priors relating to the cultivation of cannabis.

He remains on remand.

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