Good grief, there are two predominate theories, and that aint one of them.
1) Its is alleged that in the 1960's, the police in California used a radio call signal of "420" to denote that they had viewed pot smokers, i.e., "This is car 54, we have a 420 in progress".
2) Something about 4:20 in the afternoon being the time you start smoking.
The "420 chemicals" think is nothing I have ever heard of, but the other two "theories" are widespread and accepted.
That or something real close is the way I've heard it for almost 20 years.