John Fannin (27), of Edenmore Avenue, Coolock, pleaded guilty at Dublin Circuit Criminal Court to possession of the drugs for sale or supply at Laytown, Co Meath, on September 17, 2010.
Detective Garda Alan Monaghan said gardai had information there would be a drugs handover. They saw a taxi in which Fannin was a passenger park in the grounds of a pub.
An Audi parked nearby and a man got out and walked over to the taxi. There was a conversation and the man got back into the Audi and drove off.
Gardai intercepted the taxi at Laytown and found a small amount of drugs on Fannin, who appeared anxious. They searched the taxi and discovered a bag containing cannabis worth €116,000.
Det Garda Monaghan said Fannin took responsibility at the scene for the items and then retracted his admission.
Padraig Dwyer, defending, said Fannin had worked for a significant time, but had declined into drug addiction to the extent where he was acting as a courier to pay off a drug debt.
He said Fannin was not going to benefit from the drugs apart from having his debt wiped out.
Mr Dwyer said Fannin said he was drugs-free and was using his time in custody well.