Four properties were searched during a morning of action by the Drug Squad, which was re-established in January to focus on organised crime following an absence of nine years.
During the raids a 49-year-old was arrested at a home in St John on suspicion of possessing cannabis with intent to supply and money laundering.
About £2,000 worth of the drug and £10,000 in cash were also seized, according to the States police.
The force warned that further inquiries are being made, with the potential of more warrants being executed.
Detective Sergeant Jim McGranahan, who leads the Drug Squad, said: ‘Executing warrants to seize drugs and catch offenders is our overall objective, and a lot of hard work and preparation is required to get us to this point.
'The results from today show a job well done, meaning there are now fewer illegal drugs on the Island’s streets.’
When the formation of the eight-strong team was announced, police chief Robin Smith warned that drugs gangs would once again start to target the Island when travel restrictions eased.
Customs officials reiterated the message last week when they revealed that two seizures of cocaine had been made since the traffic-light system – which allowed for greater travel in and out of Jersey – was re-introduced last month.