I just wanted to clarify for myself the rules regarding Milk of the Poppy as it relates to Balon Greyjoy with a Great Kraken on the board.

Great Krakens box reads:

" Warship.

While you control Balon Greyjoy, he gains stealth.

Reaction : After you win an unopposed challenge, either: draw 1 card, or gain 1 power for your faction. (Limit twice per round.)"

When playing and Balon ends up getting Milk of the Poppy, his text box is cleared. However, the part that I want to make sure I am playing correctly, is that even though his text box is cleared, Great Kraken's effect is constant, and Balon retains Stealth, as it is not part of the text box, but a constant effect of a separate card.

Please let me know if this is correct. Thanks!

You are correct. He retains Stealth.

Perfect. Thanks for the response.

Just wanted to make sure that I wasn't overlooking something obvious.

RRG, p. 4:

"Blank

If a card’s printed text box is considered 'blank' by an ability, that text box is treated as if it did not have any of its printed content. Text and/or icons gained from another source are not blanked."

If you're overlooking anything, it's that.