Some 25 kilos of cannabis was discovered by the police in a mid-morning raid on a garage in Sliema on Monday.
In a statement, the police said the raid, which happened on Matthew Pulis Street, had also led to the arrest of three Italian men.
The drugs were hidden in boxes that also contained packets of tissues. Officers from the Rapid Intervention Unit and Drugs Squad descended on the garage earlier today. Drug sniffer dogs from the Dog's Section were also seen at the raid.
When contacted, the police said they were assessing the results of the raid, in particular the purity of the drugs.
Sources said the cannabis had an approximate street value in excess of €500,000.
Duty Magistrate Yana Micallef Stafrace is conducting a magisterial inquiry and has already appointed a number of experts to assist her.
The three arrested men are being held by police and are expected to be arraigned later this week.