Abimbola Osidele, 24, of Newmarsh Road, Greater London, was found with the class A and B drugs, and cash, on December 2, 2017.
But he only appeared in court for the first time two years later on December 3, 2019.
The case was referred to Portsmouth Crown Court and at a hearing last week he admitted two charges of possession with intent to supply, and having criminal property - the cash.
Richard Onslow, defending, said Osidele was deeply religious and now has a stable job.
He claims he was just briefly holding the drugs for someone else.
Adjourning the case for a hearing on February 14 to determine the circumstances, Recorder William Mousley QC it would decide if he was a dealer or 'simply looking after the drugs for somebody else for a short period of time'.
The judge added: 'Once the those facts have been determined it will be necessary for a further adjournment for the probation service.'