"Pepsi was trying to project a global of unity, peace and understanding," the company said in a statement posted on their website. "Clearly we missed the mark, and we apologize."
"We did not intend to make light of any serious issue," the statement continued. "We are pulling the content and halting any further rollout. We also apologize for putting Kendall Jenner in this position."
When asked by ET if there is a comment, Jenner's rep said "not at the present." ET has also reached out to Pepsi for a comment.
The ad -- which features Jenner ending a protest by sharing a Pepsi with a police officer as the crowd starts cheering -- sparked major social media outrage as soon as it was released on Tuesday.
Some people threatened to boycott the company, and others accused Pepsi of mocking the Black Lives Matter movement. It was only a matter of time before celebrities started weighing in on the topic, with Girls star Lena Dunham tweeting, "Assuming everything that can be said about faux-test Pepsi ad has been said, so I'm just gonna go with this: It didn't make me want Pepsi."
"This is a global ad that reflects people from different walks of life coming together in a spirit of harmony, and we think that's an important message to convey," Pepsi previously told AdWeek in a statement.
"I think it's an honor to follow some of the most iconic peoples' footsteps," Jenner said in a behind-the-scenes Q&A video prior to the spot's release. "It's really cool and I'm really excited about it. It's a dream come true. I've always dreamed to be a part of some kind of commercial. To be a part of Pepsi is awesome."