According to a news release, police "observed a man make a drug transaction" in a plaza parking lot near Bayview Avenue and Weldrick Road on Tuesday.
Police stopped a black, four-door Audi shortly after the end of the alleged transaction. The drugs and cash were found during a roadside investigation, police say.
A 27-year-old Richmond Hill man faces a handful of charges, including trafficking in a controlled substance, possession of proceeds obtained by crime and possession for the purpose of trafficking.
Police estimate that the cocaine seized is worth an estimated $240,000 on the street. Const. Laura Nicolle told CBC News that the cocaine that was seized would have been cut down further before being sold to customers.
The news release indicated that a transaction had occurred, but did not mention a second party. However, Nicolle said the other person alleged to be involved in the transaction was arrested in a separate police stop.
Nicolle said a 26-year-old Markham man faces a trafficking charge, as well as charges of possession for the purpose of trafficking and possession of property obtained by crime.