Thanks for writing in! Yes it is possible. You can change the site URL assigned to your purchase code, from your Theme Dashboard.
Then you can install WordPress, install X theme on your new site and validate your purchase. You can also check our validation guide from the following link (https://theme.co/apex/forum/t/setup-product-validation/55).
In-case if you want to move your old site to a new domain or server, make sure to follow our migration guide (https://theme.co/apex/forum/t/cornerstone-content-builder-migration/126), so that your site will function correctly after the migration.
Hope that helps.