Officers found the quantity of drugs during a planned search of a house in the Barron's Hill area on Friday.
A sum of money and other drug related paraphernalia was also seized from the property.
Commenting on the drug seizure Area Commander, Chief Inspector Davy Beck said:
"Communities regularly voice their concerns about the impact that drugs have on young people and the wider associated anti-social behaviour issues that accompany drug misuse.
"I assure the community that my officers are committed to tackling the issue of drugs.
"By reporting any information or concerns that you may have in relation to drug activity or suspected drug activity, you are reducing the harm caused in communities by drugs."