They are accused of possession of a class B controlled drug, being concerned in the supply of a class B controlled drug and possessing criminal property.
They are both due to appear at Derry Magistrates Court on the morning of Thursday 27 February.
As is normal procedure, all charges are reviewed by the PPS.
A 20 year old man has been released on police bail pending further enquiries.
The charges are in connection with the recovery of a quantity of suspected class B drugs with an estimated street value of £150,000 in the Waterside area of Derry on the evening of Tuesday 25 February.