Here's my thinking (I've already posted once a while back, but let me further explain). If the neighbor is truly dealing drugs, then it's a reasonable thing to suspect that he would try and protect himself from being caught. It's human nature to protect yourself, even if you're doing something you know is illegal. With that in mind, it suggests to me that tipping him off that you (OP) are upset only increases your risk of an altercation. That's not to say the neighbor is going to murder you in your sleep, but again, we're talking about someone that is supposedly committing a felony.
I'm just saying, if I were committing a felony that could land me in prison for years, even though I think the law is stupid, I wouldn't take it lying down if someone starts putting their nose in my business. I'd either relocate, hide my shit, or make sure the person that is snooping doesn't report me.
So, OP, either live with it and don't talk to him or do not talk to him and simply call the police. If you talk to him and then call the police, well, he'll know it's you. If you talk to him and then don't call the police but someone else does, well, he'll still assume it was you. Whether that means anything bad would happen to you I cannot say, but if he truly is growing and dealing, then we already know he's someone that isn't afraid to commit a (admittedly stupid) felony.