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The fisherman used a gaff and a net to pull the package into his boat and he determined it was filled with an unidentified white powder.
Sheriff's deputies and U.S. Border Patrol investigators responded and discovered the bale contained 25 plastic-wrapped packages of what is believed to be cocaine.
The packages were turned over to federal authorities.
"This happens fairly regularly, about once or twice every year," sheriff's office spokesman Adam Linhardt told CNN. "We live in the part of the country where it washes up on the Florida Keys."