Can't get high on Corn Flakes

Kellogg's dumps Michael Phelps for smoking pot!

Cereal and snack manufacturer Kellogg's has announced that it will not renew its sponsorship contract with Olympic champion swimmer Michael Phelps

The reason? According to AP, because Phelps acknowledged smoking marijuana in a bong pipe. Duh.

The company claims that Phelps's behavior — caught on camera and published last Sunday in Britain's News of the World — was "not consistent with the image of [Kellogg's]."

The company has already put Phelps' picture on boxes of its Frosted Flakes and Corn Flakes.

And so it begins....

Breaking News Update: Michael Phelps has been suspended for three months by USA Swimming!

Although no anti-doping rule was violated, the Colorado-based federation said: "We decided to send a strong message to Michael because he disappointed so many people, particularly the hundreds of thousands of USA Swimming member kids who look up to him as a role model and a hero"

He's also lost their financial support for three months.

Phelps has kept the backing of many sponsors since the photos surfaced showing him inhaling from a marijuana pipe. However, this decision - and Kellogg's reaction - may affect Phelps' other endorsement accounts.

There has been no comment from Phelps' agent.

Kellogg's said its contract with Phelps expires at the end of February.

What do you think about Kellogg's decision? Is it fair? Will others follow? Should they? What about the USA Swimming's slap on the wrist? Was it a good idea?

Did anyone save their Kellogg's Phelps box? Cause I'm thinking, collectors' item! And EBay!