The discovery was made on Friday while searching a wooded area near Clarecastle.
Two men were arrested, one in his forties and the other in his fifties. Both are currently detained at Garda stations in Clare Garda Division under section 2 of the Criminal Justice (Drug Trafficking) Act 1996. They can be detained for up to seven days.
In follow-up searches at various locations in the Ennis area, approximately € 2,000 worth of paraphernalia allegedly related to drug and cocaine trafficking were seized.
The operation is being led by Clare and Limerick Divisional Drug Units with assistance from the ASU and other local units.
All seized drugs will be sent to Forensic Science Ireland (FSI) for analysis.
The investigation is ongoing and further updates will follow.