I've been listening to this song for a while and the meaning of this song is that this guy is getting high (using mushrooms) with a woman (his love). They are both on a trip with each other. Her (first time), him (not his first time). They are exploring each other mentally, spiritually, and pshyically while on this trip hence "have just one more cap babe... one more stem babe". This psychedelic beat resemble what these two lovers are experiencing with each other. Its a different type of love song but I love it and Cudi is amazing with word play.
Go cudi!