Multiply based on criteria

Hmn, thought I could put in another criteria like below with AND, but that is not working, can that be done?

In this example the 2nd criteria is that B1:B5 should be less than 3, ie the result should be 2*2=4

{=PRODUCT(IF(AND(B1:B5<3;A1:A5="Blue"),B1:B5)}