The cereal company says,

...Phelps's behavior—caught on camera and published Sunday in a British tabloid—is "not consistent with the image of Kellogg." 

This would be the same company that for decades has been encouraging children to start the day by inhaling sugar by the spoonful. It's also the company that still proudly bears the name of the man who advocated yogurt enemas and pouring carbolic acid on the clitoris to prevent women from experiencing sexual pleasure.

Yes, it would be a shame to see a 14-time gold medalist's bong hit tarnish the company's image.

As is often the case, the Onion was way out in front on this one. 

Related: A couple of months ago, over at my personal blog The Agitator, I started an open thread encouraging successful people who smoke marijuana to list their occupation. If you meet the criteria, feel free to add yourself to the list.