The three warrants were executed at houses in High Street and Doolan Crescent and a factory in Pink Cliffs Road, Heathcote, a police statement says.
Sergeant Mick Peckham from the Central Victorian Response Unit said the "estimated seizure" value of more than 700 cannabis plants found at three properties in Heathcote was "in excess of $1 million".
Sergeant Peckham said it was one of the largest drug busts he had been involved in.
"It's a pleasing result," he said.
"The drugs are not going to go to youth on the streets."
The exact number of plants seized was 771.
The search warrants were executed on Tuesday about 8.30am.
Sergeant Peckham said two of the properties were residential and one was a business.
He said Heathcote police and the dog squad assisted in executing the warrants.
Police have seized more than 700 cannabis plants from three properties in Heathcote, east of Bendigo.
Sergeant Mick Peckham from the Central Victorian Response Unit said police uncovered three "crop houses" - houses dedicated to the growing of cannabis - after executing three search warrants in the area.
"Police seized in excess of 700 cannabis plants of various maturity, ranging from seedlings to mature cannabis plants", Sergeant Peckham said.
A 56-year-old Heathcote woman was arrested and interviewed over her connection with the three properties, but was later released, Sergeant Peckham said.
Investigations are ongoing.