Assume the following dimensions for the matrices:
$$\eqalign{
M_1\quad&is\quad(m\times n) \cr
M_2\quad&is\quad(p\times q) \cr
M\quad&is\quad(r\times p) \cr
}$$
Then for their products:
$$\eqalign{
M_1\otimes M_2\quad&is\quad(mp\times nq) \cr
M\cdot M_2\quad&is\quad(r\times q) \cr
}$$
Note that the final dimensions do not match, except in the trivial case $n=1$.
However, finding a matrix such that
$${\rm vec}(M_1\otimes M_2)=M\cdot{\rm vec}(M_2)$$
is possible; something along the lines that Nadiels has suggested.
Let $c_k$ be the $k^{th}$ column of $M_1\,\,$ and let $\,(P,Q)\,$ be the $(p\times p)$ and $(q\times q)$ identity matrices, respectively. Then
$$\eqalign{
M &= \pmatrix{Q\otimes c_1\cr Q\otimes c_2\cr \vdots\cr Q\otimes c_n}\otimes P\cr
}$$