What is the meaning of Elbo?

An Elbo is equal to one pound of cannabis.  This is an underground term that has been used for decades.

More info on Elbo

So now in Colorado, if you want to be technical, or more important, legally compliant, 453.592 grams is the official weight of a standard pound of weed. Now who wants to call their old dealer and demand your 5 gram difference back over the past how many years!?!? Good luck with that!