I have been doing personal ads on Craigslist and finally got curious enough to research what "420" meant. Of course I thought it was something much more interesting, involving more people and fewer clothes. The origin of it is pretty funny.
Said former pot-smoker Steve to the LA Times (from this article)...
The group [of friends] agreed to meet that afternoon after school at 4:20 p.m. by a campus statue of Louis Pasteur, he said, and head out to search for the marijuana patch [one of their brothers-in-law had given them]. "But one thing led to another," he laughed, "and suffice it to say we never found it. Every day we'd meet at 4:20 by this statue, and every day we'd just end up getting high and driving around for hours." Over time, the mere phrase "four-twenty"--exchanged in a hallway, or discreetly mentioned in the presence of teachers and parents--became their personal code for "time to get high," he said.