A substantial amount of cash was also recovered during the planned operation to frustrate drug dealers flooding Northern Ireland with drugs.
A 40-year-old man and a 29-year-old woman were arrested in the Donegall Quay area on suspicion of drug offences.
A 30-year-old man was arrested near Westlands Road, Portadown, on suspicion of a drugs trafficking offence.
In follow up searches, properties were searched in Carrickfergus, Portadown and Jerusalem Street in Belfast.
Det Insp Andy Dunlop, from the PSNI’s Organised Crime Branch said: “Police have recovered a significant quantity of suspected herbal cannabis which was destined for the streets of Northern Ireland.
“Drugs are a scourge to society and cause grief and heartache to families across Northern Ireland.”