The suspect, 19, was detained by Police Service of Northern Ireland (PSNI) detectives in Kensington on Saturday following a planned search of a property. Approximately £48,000 was seized.
The woman is in custody at a Belfast police station.
This is the third arrest in an operation against drug importation in which approximately £350,000 of cannabis was confiscated following searches at properties in Belfast, Larne and Co Down earlier this month.
Two women, aged 24 and 45, have been charged by police in relation to this operation.
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