Both sides of this epidemic have merit. Parents need to be responsible and PARENT their children and - this IS America - companies have the right to market thier products.
However, this particular product (and others like it) should be subject to the same "Sin Taxes" as tobacco and alchohol. If there is evidence that the use of this product can harm your health, then tax them. We'll wind up footing the bill for those who can't afford medical care after they've indulged so why not issue a tax for this eventuality? They do it to tobacco, do it for these types of products as well.
Additionally, parents should know that the sale of "fake" cocaine carries the same charges as the real stuff. If any kids think they'll get away with selling it for purposes other that those intended, think again, IT'S STILL GOING TO BE A FELONY! Hopefully, schools will treat it this way also.