The Legend: Magic mushrooms will stunt penis growth.
Status: False
Analysis:
There are a number of rumors connecting the use of various products, both legal and illegal, to penis shrinkage or impotence. In the case of magic mushrooms, no evidence exists to support this rumor.
There are drugs, both medical and recreational, that count impotence as a side effect. The most well known being diuretics, beta-blockers, alcohol, and amphetamines.
If you are tripping on psilocybin mushrooms it's a given that your perception will be changed, and you may look down at yourself and perceive that your penis is small, is getting smaller or has even disappeared. Those are hallucinations and are the reason you ate the mushrooms in the first place. If you are prone to insecurities, don't look at your penis while you're tripping, watch TV instead. That's why they make the Cartoon Network.