A pharmacy permit authorizes the pharmacy permit holder to establish and operate the pharmacy while the pharmacy permit is effective. Subject to paragraphs (2) and (3) of this subsection, a pharmacy permit holder may conduct wholesale distribution, if: The wholesale distribution business does not exceed 5% of the pharmacy permit holder’s annual sales; and The pharmacy permit holder: Maintains records of wholesale distribution separately from its other records; and Makes the records of wholesale distribution available for inspection by the Board. A pharmacy permit holder that obtains a waiver from the Board under § 12–403(d) of this subtitle may conduct wholesale distribution only with another pharmacy permit holder. A retail pharmacy that holds a pharmacy permit may conduct wholesale distribution only with: Another pharmacy permit holder; and A wholesale distributor if the retail pharmacy: Reports to the Board that the retail pharmacy is conducting wholesale distribution with a wholesale distributor; and Maintains records of wholesale distribution with wholesale distributors separately from its records of wholesale distribution with pharmacy permit holders; and Makes the records of wholesale distribution available for inspection by the Board.