Cereal giant Kellogg’s has dropped swimming giant/legend/Olympian record holder Michael Phelps as an endorser of their products in the wake of Phelps bonehead decision to take a marijuana bong hit in front of a camera.

Kellogg Co. said Thursday that it will drop its endorsement deal with Olympic swimmer Michael Phelps following his acknowledgment he inhaled from a marijuana pipe.

The 23-year-old swimming star has apologized for his “regrettable” behavior and “bad judgment” after a photo appeared Sunday in the British tabloid News of the World that showed Phelps inhaling from a marijuana pipe.

Phelps won’t be going broke anytime soon though.  Almost everyone of his other sponsors are standing behind him and not taking action to end or void their deals.

Most of his major sponsors, such as Visa Inc., Speedo, luxury Swiss watchmaker Omega and sports beverage PureSport’s maker Human Performance Labs, stood by the athlete following the news, even if they didn’t condone his behavior.

Michael had to assume the hammer would drop at some point.  He likely won’t even notice this with all of the other money he has made and continues to rake in.  USA Swimming on Thursday also took action by banning Phelps from competitions for three months.

[source: ESPN]