The Board may issue a license to practice pharmacy without examination to any person who is licensed as a pharmacist in another jurisdiction if the applicant presents satisfactory evidence of possessing the same qualifications as are required in this State, that he was licensed by examination in such other jurisdiction, and that the standard of competence required by such other jurisdiction is substantially equivalent to that of this State at that time. The Board must be satisfied that a candidate for licensure has a satisfactory understanding of the laws governing the practice of pharmacy in this State.
