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During the 1920s and '30s, the era when Popeye was created, "spinach" was a very common code word for marijuana. One classic example is "The Spinach Song," recorded in 1938 by the popular jazz band Julia Lee and Her Boyfriends. Performed for years in clubs thick with cannabis smoke, along with other Julia Lee hits like "Sweet Marijuana," the popular song used spinach as an obvious metaphor for pot.
In addition, anti-marijuana propaganda of the time claimed that marijuana use induced super-strength. Overblown media reports proclaimed that pot smokers became extraordinarily strong, and even immune to bullets. So tying in Popeye's mighty strength with his sucking back some spinach would have seemed like an obvious cannabis connection at the time.
Further, as a "sailor-man," Popeye would be expected to be familiar with exotic herbs from distant locales. Indeed, sailors were among the first to introduce marijuana to American culture, bringing the herb back with them from their voyages overseas.