The drugs were found in a vehicle at the Hillsborough Road roundabout shortly before 7pm on Wednesday.
A 49-year-old man has been charged with possession of class B controlled drugs and possession of class B controlled drugs with intent to supply. He is due to appear at Craigavon Magistrates' Court on Friday.
Detective Chief Superintendent Roy McComb is head of Organised Crime.
"This is evidence of an organised crime gang that has been operating throughout the island of Ireland, based in Northern Ireland and involved in distribution of drugs through communities that are the length and breadth of Ireland," he said.
Where last night's shipment was going to will be part of the investigation, but I can tell you now it's not going anywhere apart from into our safe keeping.
Det Chief Superintendent McComb
"We know that this gang is involved in distribution of drugs not only in Northern Ireland, but through the island of Ireland."
He said "significant" seizure reinforces the PSNI commitment to reducing the effects that drugs have on communities in NI.
"We are appealing for anyone with any information concerning this or any other incident regarding the supply or distribution of controlled drugs to contact their local police," added DCS McComb.
Meanwhile, three people have been arrested after cannabis was found when police raided a house in west Belfast.
Two men aged 24 and 31, and a 32-year-old woman were detained on Thursday morning on suspicion of a number of offences, including cultivation of cannabis and possession with intent to supply a controlled substance.
The trio are in police custody helping with inquiries.