The 25-year-old former Canterbury and West Tigers talent was hit with multiple charges in May, the most serious of which carried a likely lengthy jail stint.
He was facing two drug charges, including supplying a large commercial quantity, along with allegations that he had participated in a criminal group.
But police withdrew all counts at a charge certification hearing in Sydney's Downing Centre Local Court on Tuesday.
He had been released on bail while waiting for his court case to progress.
The former Fijian international, who was playing for Manly Sea Eagles feeder club Blacktown at the time of the arrest, was stood down under the NRL's no-fault policy while he waited for the outcome of his case.
He was arrested on May 16 while on his way to training at Manly's Brookvale Oval.
Two other men - Sam Amine, 47, and Nabil Allouche, 24 - were arrested at the same time in police busts where more than a kilogram of MDMA was seized.
Amine is facing seven charges, including multiple counts of large-scale drug supply.
Allouche has been charged with nine offences and is also accused of supplying a large, commercial quantity of drugs.
Neither has been granted bail.
Wakeham played 25 games with Canterbury between 2019 and 2022 before making 15 appearances for Wests Tigers in the 2023 season.
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