The story
Blend of (hydro)lys(is) + erg(ot) + -ic (adjective-forming suffix). Sense 2 (“psychedelic, trippy”) refers to the effects of taking the drug lysergic acid diethylamide (LSD).
First known use, by meaning
- from 1930s Used in the designation of lysergic acid and lysergic acid diethylamide: produced by hydrolysis from ergot.
Etymology from Wiktionary, CC BY-SA 4.0.