Hello Pumpkin,
The only film I can think of is actually called 'The Peanut Butter Solution' made in 1985 and the main character was called Michael, played by Matthew Mackay.
Michael loses his hair after getting a fright and with the help of 2 ghosts who concoct a magic potion, the main ingredient is peanut butter.
I believe he uses too much of the solution and his hair keeps growing. He then gets kidnapped by a paintbrush manufacturer.
I hope this is the film you are looking for. Please let me know if I am right (or wrong).
A Very Merry Xmas to you.
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