I vote for the Waldos story. It's backed up by the people who
were the waldos themselves.
Urban Dictionary hits it right:
Urban Dictionary: 420
See definitiom #3 (quoted from a Magazine interview with a waldo):
We had heard rumors that one of the members brothers had planted a pot patch in the wooded area around town. We all wanted to go look for this patch of weed, so we devised to meet eachother by the statue of Louis Pasteur after school. Since we all had after school activities or electives that lasted about fifty minutes, and since it took about ten minutes to get from school to our after school activities, and another ten minutes to walk from the activites to the statue. Since there were many of us we decided that 420 would be a good time to meet so we could go search for the patch of pot. We never did find it, but we had lots of fun getting high while trying to look for it.