milk has fat... some thc will bond to the fat. more if it's heated... but some will so ya you could. The sugar in the cereal will have adverse effects on the pot though, too much sugar isn't good and most cereals have a lot.

probably not the best way to eat it... try pancakes, waffles, cupcakes, bagels, toast, oatmeal, there are ton of breakfast foods you can cook with it