First, everything is "edible" if your teeth can penetrate it, grind it up or you can swallow it whole. Do not eat this one. This is a false morel. Some people say they and their family have eaten them for years and love them. Of course I have never personally spoken with anyone who died from eating them but there are many reports.
The problem is that there are several species of false morels (genus Gyromitra) which require an expert mycologist to identify. Furthermore, there is uncertainty about which are toxic. Boiling them twice and draining off the water is said to remove most of the toxin but the fumes can make you sick and the boiled morel can still make you sick even if less likely to die. Finally it contains N-methyl-N-formylhydrazine which in addition to being a hemolytic toxin has been shown to be carcinogenic in mice.
"Although they are much sought after in Europe as an edible species (Gyromitra esculenta), 2 to 4 per cent of all mushroom fatalities are associated with them. It is not clear whether the same species occurs in North America, although we call one species here by that name. The active ingredient is called gyromitrin (N-methyl-N-formylhydrazine), which is metabolized to monomethylhydrazine (rocket fuel!) in the body." *
|False morel - Linda Ellis|
|True morels cut open - Great Morel|
* Tom Volk's Fungus page has a comprehensive discussion of false morels.