A number of other items, including a stun gun, air rifle and a large quantity of cash were also seized during the operation.
The man was later released on bail pending further inquiries.
Chief Inspector Ian Magee said: “This is a great example of how we are keeping people safe while policing with the community. The officers involved are to be commended for their actions, which have taken a substantial amount of drugs out of circulation and reduced the harm they cause to communities. I am pleased that an illegal firearm and a stun gun have also been taken off the streets.
“The police are committed to tackling the issue of drugs and I would ask anyone with any information about the supply or use of illegal drugs to contact their local station on the non-emergency number 101. Or if someone would prefer to provide information without giving their details, they can contact the independent charity Crimestoppers and speak to them anonymously on 0800 555 111.”