A 'substantial amount' of cannabis was found at the former Kingsholme pub on Abbey Street.
Plants were found being grown at various stages, and the mains electricity to the building had been bypassed.
A utility had to attend to make the area safe.
The plants and equipment were seized, and police are now looking to identify and locate those responsible.
They believe two men, suspected to be Vietnamese, were seen to leave the property during the raid.
A Warwickshire police spokesperson said,
"If anyone has any information on the premises or has witnessed any suspicious behaviour in the area, please call Warwickshire Police on 101 quoting incident number 216 of 24 April 2021. Information can also be given to the independent charity Crimestoppers anonymously on 0800 555 111 or via their website."
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