The Arkansas State Board of Pharmacy may revoke or suspend an existing license or may refuse to issue a license under this subchapter if the holder or applicant has committed or is found guilty by the board of any of the following:
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(1) Violation of any federal, state, or local law, rule, or regulation relating to drugs;
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(2) Violation of any provisions of this subchapter or any rule promulgated hereunder; or
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(3) Commission of an act or engaging in a course of conduct which constitutes a clear and present danger to the public health and safety.