As an ex-420er, I know my slang quite well...
...but here's the Wikipedia explanation for any that may be too stoned to figure it out:
Quote:
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Although many diverse theories exist to explain the origin of the term, one central root of the phrase stems from a group of teenagers at San Rafael High School in San Rafael, California in 1971; the teens would meet after school at 4:20 p.m. to smoke cannabis at the Louis Pasteur statue. The term became part of their group's salute, "420 Louis!", and became popularized in the late 1980s by fans of The Grateful Dead. Many North American cannabis users continue to observe 4:20 as a time to smoke communally. By extension April 20 ("4/20" in U.S. dating shorthand) has evolved into a counterculture holiday, where people gather to celebrate and consume cannabis.
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