When this next verse is read alone it sounds like Christians can celebrate any festival they want, whether it is pagan or religious. "So let no one judge you in food or drink, or regarding a festival or a new moon or sabbaths, which are a shadow of things to come, but the substance is of Christ" (Colossians 2:16-18).
That may be a fair conclusion, however when we read the entire section of Paul's letter it is clear he is speaking of people demanding others celebrate certain rituals to make one clean. Notice his reference to Sabbaths. It would not make since that he would say "don't allow others to judge you for celebrating the Sabbath", since the Jews had been celebrating the Sabbath since Moses. People at that time would be more apt to judge you for not celebrating the Sabbath.
Paul is saying that the Jewish rituals centered around food, drinks and new moons and Sabbaths are mere shadows or pictures of Christ's coming. Their usefulness in true worship ended with the death and resurrection of Jesus (Hebrews 9:6-10).
