aside from the obvious, that it's the American word for "glossary" (cf "Scatland"!), I presume you're referring to Kilmichael Glassary?
I would guess (and I should point out that I am only guessing) that the "Glassary" part comes from the Gaelic "glasraidh" meaning greens (as in green fields)
Cheers
Andy S
Megalithic sites of Perthshire
http://www.andysweet.co.uk/stones/