The property within the old Grimers Transport haulage yard on West Road was searched by officers on Monday last week and cannabis with a street value of approximately half-a-million pounds was found.
It is understood about 200 plants are said to have been being grown in the property and several men were seen leaving through a rear door when officers arrived.
A 27-year-old man was arrested in connection with this incident and has been released under investigation.
Lincolnshire Police say an investigation is now underway to find those responsible for the operation.
If you have noticed any suspicious activity at this location you are asked to report it by calling 101 quoting incident 150 of January 18.
If you wish to make a report, but want to remain anonymous, contact CrimeStoppers.