(1) A person who knows that a named product contains or previously contained an ingredient that was designated to be a schedule 1 controlled substance shall not sell or offer to sell any other product while representing that it contains an ingredient that produces the same or a substantially similar physiological or psychological effect as that scheduled ingredient. This subsection does not apply to a product approved by the federal food and drug administration.

    (2) A person who violates this section is guilty of a felony punishable by imprisonment for not more than 4 years or a fine of not more than $20,000.00, or both.

    (3) As used in this section, "named product" means either of the following:

    (a) A product having a designated brand name.

    (b) A product having a street or common name with application sufficient to identify the product as a specific product within this state or within a local unit of government.