Police have seized more than $1 million in cannabis and assets - including an allegedly stolen pig - during raids south of Melbourne.

Investigators seized 75 kilograms of cannabis with a street value of $450,000 and more than $550,000 in assets, including the pig and a stolen excavator, along with a small amount of steroids.

Seven men aged from 33 to 71 and two women, a 19-year-old and 31-year-old, were all arrested and charged with drug-related offences.

They all came from the Mornington Peninsula and were bailed to appear in court, except for a 42-year-old man from Drouin, south-east of Melbourne, who was remanded in custody.

The drug task force and Mornington tasking unit conducted the operation to crack down on cannabis cultivation and amphetamine trafficking in the Mornington Peninsula area, a police spokesman said.

- AAP