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Your sentence will depend on a number of things, including the quantity of marijuana, the type of weapon, the reason you had the weapon, whether you have any previous criminal charges, and other such matters. Assuming you have no record, minimal marijuana, and the weapon is something non-serious, you very likely will not face jail time. If, however, there was a lot of marijuana, the weapon was serious (e.g. a knife), and you have a prior criminal record, you could be facing a few weeks or more in jail.
Protection is generally a logical reason for one to carry a knife, though if you just bought it because you thought it would be cool, at least that's better than buying it for the purpose of using it on someone to cause harm
From what you've told me, if you plead guilty the Crown likely would not be looking for any jail time; they'd likely look for a conviction against you though it would be a youth record rather than an adult criminal record
Hopefully that answers your question.
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