All colleges have zero tolerance to drugs (if you're dealing or growing). Most will tolerate an 8th or less, but I'm sure you'll get fined and have to go to a drug abuse class.
I can think of two real world accounts of people selling and growing weed in college. My freshmen year I remember one kid that I kind of knew (he was a major hippy but a cool guy that was down to smoke anyone out) was growing in his room. Some one rated him out and he got busted bad, like the cops came handcuffed his ass and pressed felony charges bad (he was growing in a school zone and near a church) this was a catholic college so needless to say they pressed charges to the full extent of the law.
Next, my buddy that sold a little bit of weed here and there (he mostly sold just to smoke himself and friends out for free) got ratted out by his room mate who had aspirations of going to med school (these catholics scared this kid into ratting by telling everyone if your roommate sells drugs then you face the same consequences even if you didn't know about it). Needless to say this kid ratted on my buddy (who actually was a very nice guy. He sold weed to me at his cost and smoked everyone out all the time). This pretty much ruined my buddy's academic career, he got kicked out of school, had charges pressed on him, and pretty much can't get into any other colleges (catholic colleges are pretty tough on drugs). From my understanding on his transcripts it says he got kicked out for doing some sort of illegal activity. And yes even if you don't submit your transcripts to your next college they may audit your academic history to see whats up. I had this happen to me once. I really had nothing to worry about though I just forgot to mention some summer school classes I took for no credits just hours.