Yes, Teensy boards are not actually "open hardware", so while they provide the schematics, you can't sell a product based on these without the author's consent, and it's probably not going to happen here.
Plenty of people sell products that integrate a Teensy board. Some people make and/or sell their own Teensy variants, using the PJRC boot chip.
What differentiates a Teensy from any random ARM breakout chip is the Arduino-compatible Teensyduino software ecosystem and the level of support. If someone isn't planning to use any of that, then they can make their own product without needing anything from PJRC, including "permission".
It looks like a couple people haven't understood my sentence, so I'm making it clearer.
By "selling a product based on these", "these" was refering to the Teensy board schematics, not to the boards themselves. I wasn't talking about basing a product off a Teensy board, but selling dev boards based on the Teensy schematics copied as is. Just like anything with a copyright, unless the author explicitely allows you to do this, either from a direct statement from them or for a more general license, you just can't.
As a corollary, just because a schematic is released doesn't mean it's open hardware. Probably obvious, but just mentioning it.
Now you can always recreate what's on a Teensy board without making a carbon copy of it and so without copyright infringement, as it's not like it's rocket science, but if those dev boards sell, it's precisely because there are people who either can't or don't want to bother recreating the same features from scratch and like having the boards as some kind of self-contained component.
From PJRC's standpoint, the only way they can make any money that I can think of is to be able to control who makes those boards so they can get their share.