Police made the discovery after raiding a property in the town's St Andrew's Street yesterday (Wednesday).
A 27-year-old man has been arrested and charged under the Misuse of Drugs Act in connection with the case.
Chief Inspector Andy McLean, of Police Scotland said; "This was a significant quantity of drugs that was successfully recovered as a result of proactive work carried out by officers.
"In addition to acting on vital intelligence from our communities, officers regularly utilise stop and search to identify individuals who may be in possession of illegal or illicit materials.
"We will continue to use all resources and tactics at our disposal to remove drugs and other harmful items from our communities."
Anyone with information that can help police with their enquiries is asked to contact Police Scotland on 101 or anonymously through Crimestoppers on 0800 555 111.
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