What does 420 mean?

420 means its time to smoke so cannabis.  This can actually be a time of day, time of year or just a way to say hey, lets smoke some pot without people who do not smoke cannabis know you are about to vape cannabis.

More Info on 420

So far the majority of you are incorrect.
420’s origin IS known.
the term 420 originated at San Rafael High School, in 1971, among a group of about a dozen pot-smoking wiseacres who called themselves the Waldos, who are now pushing 50. The term was shorthand for the time of day the group would meet, at the campus statue of Louis Pasteur, to smoke pot. Intent on developing their own discreet language, they made 420 code for a time to get high, and its use spread among members of an entire generation.
So there ya go, someone’s parents out there invented the term 4/20.
And remember this:
There are NOT 420 chemicals in Weed. It’s about 315, the num. goes up or down depending on what you’re smoking.
4/20 is NOT police code or Maryjane.
And that whole shit about Holland and 4/20 over there being “tea time” for smokers isn’t true either.

From Urban Dictionary