Thomas Brolly, of Coolessan Walk, Limavady, faced four charges.
He was charged with possessing cannabis and having the class B drug with intent to supply.
He was also charged with the cultivation of cannabis and being concerned in the supply of the drug.
A PSNI constable told the court police discovered 730 cannabis plants and quantity of the drug ready for street supply in a newly-built house at Farkland Road.
The constable told the court the estimated street value of the haul was between £300,00 and £400,000.
The police witness said following the discovery, the owner of the house was arrested and taken to Strand Road police station.
The court heard while the owner was still being held, Brolly presented himself at the reception desk claiming the drugs were his.
However, during police interviews he said he did so as he was “high on speed.”
The police constable told the court a tenancy agreement was signed by an ‘TI Brolly’, a signature very similar to the accused.
Brolly was remanded in custody to appear in court again on 13 November next.