Backlash against Kellogg's: would legalizing marijuana be good for the economy?

Michael Phelps is an endorsement darling, could he soon become the accidental poster boy for the "legalize marijuana" movement?

Kellogg's is experiencing backlash for dumping Phelps over his bong smoking photo that appeared in last Sunday's British tabloid, News of the World.

The cereal and snack manufacturer says Phelps' behavior was "not consistent with the image of [Kellogg's]." (Seth Meyers of SNL would beg to differ, watch the video below). Phelps' image already appears on boxes of Kellogg's Frosted Flakes and Corn Flakes, which are selling on ebay. (No recall yet).

Many Deals of Michael Phelps

As CNBC's Sports Biz columnist Darren Rovell points out, an organization called Marijuana Policy Project, a Washington, DC-based lobbying group with 26,000 members, is leading a boycott against Kellogg's, calling their treatment of Phelps "hypocritical and disgusting."

Rob Kampia, the executive director of MPP, told CNBC, "Kellogg's had no problem signing Phelps when he had a conviction for drunk driving (DUI in 2004), an illegal act that could actually have killed someone. To drop him for choosing to relax with a substance that's safer than beer is an outrage, and it sends a dangerous message to young people."