On the basis of magnetic, transport, and optical measurements performed on single crystals, we report CaMn2Sb2 to be an antiferromagnetic insulator that exhibits weak ferromagnetic order above the Néel temperature. Magnetic susceptibility measurements reveal the magnitude of the high temperature Curie-Weiss moment to be only half as large as the ground state ordered moment, while electronic structure calculations based on crystallographic measurements suggest a crystal-field induced spin state transition does not occur. The antiferromagnetic state is relatively insensitive to both doping and modest pressures, while the ferromagnetism can be readily tuned by either. Infrared transmission and pressure dependent resistivity measurements suggest proximity to an electronic delocalization transition. We suggest the ferromagnetic state may be the signature of magnetic polarons.