Adrenochrome is an indolic compound, and thus has the same chemical backbone as the psychedelic tryptamines, harmala alkaloids, iboga alkaloids, ergoline alkaloids (which include LSD-25, LAD-52, what is in morning glory seeds, plus many more psychedelic chemicals), and yohimbine (which is mildly psychedelic.)
Adrenochrome is most notable because for a time, it was thought to be a possible organic cause for schizophrenia. That theory has since been dismissed.
I am currently working on a FAQ on adrenochrome. It should clear up some misconceptions about this molecule. It will include excerpts from the only real trip reports I could find on it...that of Hoffer (early psychedelic pioneer) who twice took adrenochrome by IM injection in 1952 and made reports of his experiences.
The movie/book "Fear and Loathing in Las Vegas" does not accurately portray what this drug does (if you go by Osmond's two experiences) and it can probably be dismissed as complete fiction.
But adrenochrome is indeed psychoactive. Whether or not it is psychedelic is open for debate. But adrenochrome did alter Hoffer's perceptions and thought process, but he was very clear that the state it induced was in no way like mescaline or LSD. But Osmond's two trip reports are about all I can find as far as the actual psychoactive effects of this drug in humans. They are really not enough to draw conclusions from.
There is also some mention in a journal I found about patients who were given adrenalin with a pinkish discoloration (indicating the breakdown of adrenalin into adrenochrome) and subsequently experienced what was labeled as "schizophrenic-like" effects. Sadly, there were real no details given, nor any quotations from those patients about what they experienced. I'd say we will really never know what adrenochrome does to the human mind until more people try it and write about it.
Any volunteers? It can be produced by exposing pharmacuetical solutions of adrenalin to air or pure oxygen. The adrenalin solution will turn pink over time indicating some has degraded into adrenochrome. But I don't know if this will produce pure adrenochrome. It has been suggested in a good book I have on psychoactive drugs with a short chapter on adrenochrome that "pink adrenalin" (old, outdated adrenalin that has turned pinkish) may contain other breakdown-byproducts besides adrenochrome including adrenolutin (another indole) that contribute to its psychoactive effect. It's nothing I'd try.
Pure adrenochrome is out there from some commercial chemical suppliers if you know where to look, but it's ungodly expensive (don't ask me where, PM me about it, etc because I will simply ignore you.) If only I were rich.
Hopefully someday, someone will have enough interest to look into this intriguing compound and find out more about what it really does.