Amanita muscaria is a fungus belonging to the class Basidiomycetes. Muscimol is the chemical produced by it is responsible for its hallucinogenic properties. It acts as an agonist selective to GABA receptors. It can also cause selective hypnotic properties. Ibotenic acid is the chemical that acts as the precursor to muscimol, which undergoes decarboxylation to produce the latter. It affects various parts of the brain such as the hippocampus, cerebellum, and cerebral cortex. The chemical has the ability to produce euphoria, an elated state of mind, and a body.
Considering other given options:
Morchella esculenta: It is the fungus belonging to the family Ascomycetes. It is the most widely used species of edible mushroom. Ancient Chinese has used these fungi to treat conditions such as indigestion and shortness of breath. Neurospora sp: It is an ascomycetes fungi. The name arises from the appearance of its spores which resembles the axons present in a nerve fiber. It is a common model organism in biology. Due to its high ability for reproduction, its ease of culture, and also the requirement of a very minimal media for its development.Ustilago sp: It is a parasitic fungus, found predominantly infecting the grasses. It is used as an edible item in some parts of the world.
Thus the most appropriate answer is B that is the fungi producing hallucinogenic chemical is Amanita muscaria.