Well, I'm impressed with you guys, then. Personally, IMO, keeping more than an oz around is inviting just this kind of trouble.
Dollars to donuts this guy was dealing, which is why there was a warrant involved. Some punk got busted for carrying and turned over his dealer. The judge rubberstamps a warrant (or an assistant does it for him), and off go the cops. That's the system, and I believe in the system.
His invitation to trouble was engaging in illegal, not criminal, activity that involved too many other people. It probably wasn't for personal use. Perhaps he was splitting it with a buddy, or probably doling out eighths and quarters for a lot of "buddies". It's a dumbass thing to do, and easy to pick the wrong people to deal with.