Madrid, Spain (CNN) -- Police in Madrid seized what they called the "largest and most sophisticated cocaine laboratory" in Europe known to date, and arrested 25 people, Spain's national police said in a statement on Tuesday.
Anti-drug agents confiscated 300 kilograms (660 pounds) of cocaine ready for distribution, 2 million euros ($2.6 million) in cash, 470 mobile phones, weapons and luxury cars.
The suspected laboratory was located in a farm on the outskirts of Madrid and police took it over "just before it was to begin operations," the statement said.
The investigation started two years ago and police also seized 50 million euros ($66 million) in goods and financial assets linked to the laboratory, the statement said.
The suspects include Spaniards and Colombians. Some of the them ran a law firm to give the operation an appearance of legality but it is suspected of money laundering, a police spokeswoman said.
The police were to provide further details at a Madrid news conference on Tuesday.