According to Lions247, Smith has been dismissed from the team. The report says that multiple sources have confirmed the dismissal.
Smith missed some time this spring with a foot injury. He was then charged with possession of marijuana and drug paraphernalia after his apartment was subjected to a search by Penn State police in March.
Whether or not this dismissal is related to the arrest is not known at this time, but Penn State coach Bill O'Brien did say he would "let the legal process play out" before making a decision on Smith.
Smith was listed atop the Penn State depth chart at wide receiver earlier this month. He finished the 2011 season third on the team with 25 receptions for 402 yards and 2 touchdowns.