Minnesota Timberwolves guard Malik Beasley has been released from Hennepin County Jail with no official charges, according to Shams Charania and Jon Krawczynski of The Athletic.

Beasley, 23, was arrested Saturday night in Plymouth, Minnesota. He was being held in custody without bail due to allegations of marijuana possession and receiving and concealing stolen weapons.

According to Chris Hine of the Star Tribune, officers obtained a search warrant for Beasley's residence and located narcotics and numerous guns, one which was confirmed as stolen. Beasley was then taken into custody and arrested for possession of narcotics and stolen property. Despite Beasley's release, this is still an ongoing investigation.

Here's the story from the Plymouth Police Department:

The Timberwolves are aware of the situation and are currently gathering more information regarding Malik Beasley's incident.

Shortly after his arrest, Beasley's attorney, Steven Haney, released a statement:

“At the time of the incident, multiple individuals were present at the residence,” Haney said in a statement to The Athletic earlier on Sunday. “The allegations against Malik will be defended vigorously.”

Beasley, who was acquired by the Timberwolves in February, is set to become a restricted free agent this offseason. The Timberwolves have noted that they wish to sign him this offseason, but it's unclear how this incident will play into his future with the club.

Despite his limited time on the team, Malik Beasley showed plenty of promise before the NBA season was suspended due to COVID-19. The 23-year-old guard averaged 20.7 points and 5.1 rebounds in 14 games with Minnesota this season. He also shot 47.2 percent from the field and 42.6 percent from 3-point range.

The Timberwolves are currently holding a voluntary three-week camp at their practice facility in Minneapolis.