The origin of the word goes long before it's use in the US for cannabis. 420 is common term in
Indian subcontinent used for someone who is a thief/trickster/clever in mischievous way. The word originates by Penal Code of 1860 instituted by
the colonial government of British India. Section 420 covers offences relating to cheating and dishonestly.
I am pretty sure someone from
Indian subcontinent (pakistan, india, bangladesh), probably students, tricked some American pot smokers into using the word for themselves back in 1960s or 1970s. What else could explain that weird coincidence? In that sense they were "420" (mischievous trickster) who tricked people into using a (bad) Indian slang for themselves