The seizures took place on the 3200 block of North Odell and the 4700 block of North Central. Police officials say they recovered the drugs in shrink wrapped bundles in two separate raids at two homes.
"From the 3200 block of Odell we recovered 1,000 pounds of cannabis and from the 4700 block of North Central we recovered 2,000 pounds of cannabis," said Commander James O'Grady, Chicago Narcotics Unit. "This evidence has a total combined, estimated value of over $8 million."
Police say they also arrested four members of a major drug ring: 33-year-old Cesar Diaz; 25 year-old Samuel Alvarez; 37-year-old Omar Gonzalez; and 19-year-old Mario Rodriguez.
"It's a total of four offenders, one of which is a United States citizen and the other three other offenders were here from Mexico illegally," O'Grady said at a press conference where the drugs were on display Wednesday.
All four suspects face charges of felony manufacture and delivery of cannabis.
Police also recovered a nine millimeter gun at one of the homes.
The busts were part of an ongoing investigation conducted by the Drug Enforcement Agency and investigators in Chicago's 16th Police District.