Merseyside Police were called to Crete Towers on Jason Street, Everton, on Tuesday morning after someone noticed a strong smell coming from the building.
It comes two weeks after one of the biggest ever cannabis farms in Liverpool was found on the same street.
Police estimate the total crop had a street value of more than £1.3m and described the farms "a sophisticated and industrial-scale criminal set-up".
Det Insp Lee Wilkinson said: "This was an elaborate series of cannabis farms spread across four separate flats.
"We discovered a total of 339 plants but believe much more could have been grown."

The 22-year-old, who will join City on 1 July, said: "I'm now at one of the best teams in the world".
Silva has made 58 appearances for Monaco this season - including two against City in the Champions League - scoring 11 goals and 12 assists.
He said the chance to work with Pep Guardiola influenced his decision.
"Of course when you have the opportunity of being trained by Guardiola, you don't say no," added the playmaker, who has played 12 times for Portugal, scoring once.
"If not the best coach in the world, he is one of the best."
Guardiola's City finished third in the Premier League this season, securing Champions League football next year.
Silva was integral to the Monaco side that reached the semi-finals, suffering eventual defeat to Juventus, who play Real Madrid in the final on Saturday, 3 June.
Former Tottenham midfielder Jermaine Jenas, speaking on BBC Radio 5 live
I am surprised in that I think that is the one area of the pitch where they have enough options. Manchester City's attack has been sensational this season. Bernardo Silva is very similar to David Silva. I wouldn't let David Silva go, I think he's been tremendous.
You don't know if other clubs were ready to push the button and City thought 'we have got to do it'. There are some players that come along and you have to do it there and then.
Tottenham defender Danny Rose, speaking on BBC Radio 5 live
I played against him away this season and he's the best opponent I faced. It's a great addition and gives Pep Guardiola another attacking option.
BBC Sport's Simon Stone:
Silva was excellent in Monaco's 5-3 Champions League defeat at Etihad Stadium in February and Pep Guardiola decided the Portuguese was a man he wanted. So much so, in fact, that he is prepared to put him among the top five most expensive players in City history.
A product of the Benfica academy, Silva is an attacking right-sided midfield player and is, at 22, just the kind of age Guardiola likes - old enough to understand his role, young enough to absorb the intricate tactical lessons his new manager imparts.
If, as expected, Kyle Walker also arrives this summer from Tottenham, Guardiola will have the raw pace from his full-back that creates the danger - and space - for Silva to cut inside and slice open defences.
*Initial reported fees
Four cannabis farms have been found in flats at a tower block in Liverpool.
[NEXT_CONCEPT]
Manchester City have completed a £43m deal for Portugal attacking midfielder Bernardo Silva from French champions Monaco.