The Canadian entrepreneur was arrested after getting off his plane in French Polynesia and was due to appear before a judge later on Wednesday, prosecutors and reports said.
In a statement, his company, Lune Rouge, said Laliberte uses cannabis for "medical" and "strictly personal" purposes and denied that he was growing the drug on his private island of Nukutepipi for commercial gain.
Karachi remains second-largest consumer of cannabis in the world
"Guy Laliberte completely dissociates himself from any rumour implicating him... in the sale or traffic of drugs," it said.
According to local television station Polynesie Premiere, police had questioned one of Laliberte's associates some weeks ago on suspicion of possessing drugs and found images of marijuana plantations on their mobile phone.
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