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:
(1) Violation of any federal, state, or local law, rule, or regulation relating to drugs;
(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.