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Fritz Petersen appeared in the Christchurch District Court last week charged with importing cocaine and possession of the drug for supply.
His arrest came after Customs intercepted a package at the International Mail Centre in Auckland that was found to contain up to 1.5kg of liquid cocaine.
Petersen was reportedly a director of adult "megastore" Peaches and Cream which specialises in the sale of sex toys and other related items.
Last Wednesday police revealed they had executed a search warrant at a Christchurch property, uncovering cocaine and a significant amount of cash.
Petersen was arrested and charged and appeared in court for the first time on Thursday.
He was remanded in custody until his next appearance on April 15.
A 25-year-old woman has also been charged with importing cocaine and will appear in court on April 30.
Police spoke about the arrests last week.
"This is another example of police working collaboratively with Customs in order to prevent the devastating harm created by the sale and supply of illicit drugs," Detective Senior Sergeant Joel Syme said.
"Police will continue to target this type of offending, alongside our partners, in order to keep our communities safe."