Possibly, but the structure must still leave the Canadian investor with at least half the ownership or operational control, and the licence-holder arrangement must not amount to the partner running the business.
Licensing is a business problem; control is the E-2 problem
Hypothetical example: State electrical-contractor licensing rules vary, and a Portugal Cove-St. Philip's investor may not personally hold the required state licence at closing. A business may address that by employing a licensed qualifier or bringing in a licensed partner, where state law permits. Either can be compatible with E-2, but the consular officer will look at who develops and directs the enterprise. If the licensed partner holds half the shares and controls hiring, pricing and contracts, the investor may be a passive participant rather than the directing owner. The safer structures are a licensed employee who holds the qualifier role without equity, or a partner with a minority share and a shareholders' agreement that reserves control to the investor. Nationality of ownership also matters: at least fifty percent of the enterprise must be owned by Canadian nationals for the business to be a Canadian enterprise. Sort this out before the purchase agreement is drafted, not at the interview.
Hypothetical example: a Canadian investor buys a mobile diagnostic-imaging business where a U.S. licensed professional must supervise clinical operations. Before signing, identify which decisions belong to that professional and which remain with the investor: hiring, budget approval, contracts, marketing, and strategic direction. The operating agreement and employment contract should reflect the answer. A necessary licensed employee can support the enterprise, but records showing that every material decision belongs to someone else make it harder to show that the investor will develop and direct the business.