Two cars and three mobile phones were also seized by officers from the PSNI’s Tactical Crime Unit and Dungannon Crime Team.
The operation was mounted on the Castledawson Road in Magherafelt just after 8pm on Friday night.
Searches were also carried out at two houses in the Magherafelt and Cookstown area.
Cash, documents, a mobile phone and drug paraphernalia were seized as a result.
Police say a 39-year-old man has been charged with possession of a class B drug with intent to supply, possession of a class B drug, concealing criminal property and possession of an offensive weapon in a public place.
A 43-year-old man has been charged with possession of a class B drug with intent to supply and possession of a class B drug.
The two men are to face Magherafelt Magistrates’ Court on Wednesday, 25 March for a first remand hearing.