- Is your drug going to be physically addictive? Most hallucinogens are not; the body doesn't go through a withdrawal phase of not having the chemical that is painful or otherwise unpleasant. There can be mental addiction involved, where people like the "trip" more than reality, but all it takes is one bad trip to remove most mental desire.
- How easy is the drug to produce? If it's as simple as consuming sufficient quantities of two or three common foods in stoichiometric ratio (and it's possible for a human to eat the required quantities in a sitting, like 2 bananas and 3 yolks), that's one thing, but if there's a recipe requiring things you wouldn't consider food or food additives (or equipment not found in the average kitchen) that's quite another.
- Is seeing weird stuff the only effect of the drug's "high"? If so, my inclination is that the government will just let people see what they see. If judgment or decision-making is impaired, energy levels or physical aggression is increased, or the drug produces euphoria or a pain-numbing effect, these are generally the things that get a chemical on the controlled substance list.
If the drug is not physically addictive, easy to make from ordinary food ingredients, and produces no effects beyond making colors a bit trippier, I can't foresee any efforts to ban it being successful. I also don't foresee much public interest in banning it, especially if doing so involved outlawing a formerly popular food, like bananas or eggs at least until someone gets in a car wreck because they saw a red light being green (and that happens plenty of times daily without any altered brain chemistry).
If the drug has other effects, like euphoria or pain relief, even if the drug is not physically addictive (and even if it isn't, your own "normal" might not be something you want to live with once you've experienced the high), then people are going to become interested in regulating it. At the very least, if the drug's as effective as oxycodone or fentanyl for pain relief, Big Pharma has a vested economic interest in smearing this compound's public image any way it can (bananas are full of potassium which is lethal in large doses; eggs, especially raw, harbor all sorts of sickening bacteria). If the drug causes people to not want to eat anything else, saving all their room for bananas and eggs, the malnutrition it would eventually cause will bring in health groups advocating against it along the same lines as those advocating against fast foods.
At the very, very least, there will be a built-in economic disadvantage to using this drug; even if it turns out to be the "perfect drug" (all benefits, no drawbacks), once enough people know about it the ingredients will be nearly impossible to find in stores and will be ridiculously expensive even after production of the ingredients ramps up to meet demand. The suppliers will produce enough that everyone gets what they want, but it will be at prices 3 to 5 times higher than the ingredients sold for beore this discovery.