The Arkansas State Board of Pharmacy may revoke or suspend licenses or may refuse to issue any license under this subchapter if the holder or applicant has committed or is found guilty by the board of any of the following:
(1) Violation of any federal, state, or local law or regulation relating to medical equipment, medical gases, and medical supplies, except legend drugs and legend devices;
(2) Violation of any provisions of this subchapter or any rule promulgated hereunder; or
(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.