Five Britons – three men and two women aged between 38 and 62 – have been arrested in connection with the network by the National Police in Malaga.
Officers said they intercepted 52kg of a mix of marijuana and hash, and 51kg of vacuum-packed marijuana buds.
The police operation also saw the seizure of 23,000 euros (£21,000) in cash.
Drugs were being sent across Europe through couriers based in Malaga, and it is thought they were destined for countries including the UK, Sweden, Poland and Denmark.
The suspects allegedly took steps to avoid police, including frequently changing which vehicles they used and the homes they rented, officers said.
A long-running police operation saw two parcel shipments intercepted at courier agencies in May, containing 58kg of drugs in seven boxes intended for Sweden, Poland and Denmark.
In subsequent shipments, the last one intercepted earlier in August, three packages containing 17kg of the drugs were prevented from reaching Sweden and the UK, the force said.
Police then carried out home searches once the suspects were identified, with a further 28kg uncovered in the raids.